$1M Home Now the Norm in Record Number of Cities

The U.S. has 550 cities where the typical home is worth more than $1 million, according to Zillow data as of February. This marks a gain of 59 “million-dollar cities” from 2023. The rise in the value of homes in the U.S. is mostly due to high mortgages locking in homeowners from listing their homes, says Skylar Olsen, chief economist at Zillow. This is keeping supply limited in some markets, prices high, and impacting buyers and sellers alike. “Interest rate lock-ins cause the sellers to just hold,” Olsen says. “The...