Zillow:

• “There are currently 550 U.S. cities where the typical home value is $1 million or more, up from 491 a year ago.
• California easily boasts the most million-dollar cities, followed by New York and New Jersey.
• Florida, Texas and Delaware are the only states with a net loss in million-dollar cities over the past year.

The U.S. has a record-high 550 “million-dollar” cities — cities where the typical home is worth $1 million or more — new Zillow data shows. That is 59 more million-dollar cities than a year ago, reversing losses from when home values were wobbling this time last year. Affordability is still a big challenge for buyers, but that hasn’t stopped home values from climbing. The housing market is tight with few homes available, and competition is still high for attractive homes. That competitive pressure is pushing home values higher across the U.S.  The good news for buyers in the market this home shopping season is that new listings are on the rise as the effects of “rate lock” are weakening. If mortgage rates drop later this year, as many expect, that may mean a second wave of buyer demand that drives prices higher.  While million-dollar cities were affected more than the typical U.S. city when home values fell in late 2022, they have generally tracked with the national market over the past year. The typical U.S. home is worth 4.2% more than it was a year ago. In current million-dollar cities, the median year-over-year home value growth is 4.6%.”