The continued surge in housing costs in U.S.
The U.S. has about 550 cities in which typical house cost exceeded a ‘million-dollar’
Here’s where they are.
California had the most cities with homes valued over $1 million, totaling 210.
New York had 66,
New Jersey — which experienced the largest year-over-year increase — had 49.
In February 2024, the U.S. boasted 550 “million-dollar” cities where the median home value was north of seven figures, up from 491 a year ago, the analysis shows.
according to Zillow reports it is noted that limited housing inventory keeps pushing home values up, and according to the National Association of Realtors, prices are expected to remain elevated this spring.
Not all states, however, have experienced the same growth.
Home prices aren’t the only challenge buyers are facing in this tight housing market.
The average long-term U.S. mortgage rate has risen to its highest level in five weeks, a setback for prospective buyers during what’s traditionally the busiest time of the year for home sales.