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Million Dollar Cities

All articles tagged with #million dollar cities

real-estate1 year ago•2 min saved

"Working-Class Towns Across the U.S. Transforming into Million-Dollar Cities Amid Housing Crisis"

The ongoing housing crisis in California has led to a significant increase in home prices, with many working-class towns now seeing median home values exceeding $1 million. Cities in Orange County, San Diego County, and Los Angeles County have been particularly hard-hit, with some areas experiencing home price growth of up to 17%. The supply and demand constraints in Southern California, coupled with limited undeveloped land and intergenerational home ownership, are contributing to the soaring property prices. California now has 210 cities with median home values over $1 million, accounting for nearly 40% of such cities in the U.S.

via Fox Business|

#affordability #california #home-prices

real-estate1 year ago•4 min saved

"Rising Home Values: More U.S. Cities Join the Million-Dollar Club"

Several once-modest California towns, including Placentia, Orange, Tustin, Bonita, Cerritos, and San Gabriel, have seen their median home values surpass $1 million due to rising housing prices and limited supply. Residents attribute the increase to factors such as limited undeveloped land, family-owned homes, and restrictions on new construction. Despite affordability challenges and traffic issues, these cities continue to attract residents due to their charm, diversity, and proximity to job centers, contributing to the ongoing surge in home values.

via Los Angeles Times|

#california #home-values #housing-market

real-estate1 year ago•2 min saved

"Record Number of U.S. Cities Join the Million-Dollar Home Club"

The U.S. has seen a surge in the number of "million-dollar" cities, with 550 cities now having a median home value of over $1 million, up from 491 the previous year. California leads with 210 such cities, followed by New York and New Jersey. Limited housing inventory continues to drive up home values, with experts predicting that prices will remain elevated this spring. However, the housing market faces challenges such as rising mortgage rates, which have reached a five-week high, and are expected to hover between 6.6% and 7% until inflation shows convincing progress. Despite expectations of a decrease in mortgage rates later in the year, forecasts suggest that the average rate for a 30-year home loan will stay above 6%.

via The Hill|

#affordability #home-values #housing-market

real-estate1 year ago•1 min saved

"Record Number of U.S. Cities Hit Million-Dollar Home Prices, Zillow Reports"

According to a new report from Zillow, Brentwood, Arrington, and College Grove in Tennessee have been identified as "million-dollar cities" due to rising home values, with typical prices ranging from $1,108,393 to $1,235,915. The supply shortage has led to increased competition for home-buying, resulting in a 2.5% increase in Brentwood's home prices compared to last year. These three cities join the list of 550 such cities in the U.S., with California leading the count at 210, followed by New York and New Jersey.

via WKRN News 2|

#home-values #million-dollar-cities #real-estate