Since October 2017, more than 100 neighborhoods' median home values have crossed over the $1 million mark.
About 3.6 percent of all homes in the U.S., or 3,000,000, are worth $1 million or more, nearly double the count in 2012, 1.5 percent. With million-dollar homes come million-dollar neighborhoods, mostly concentrated on the coasts and in communities with the fastest price appreciation. A new Trulia study finds that nine out of the top 10 cities with the largest home price growth are on the Pacific Coast, with Long Island, N.Y. as the only exception.
Of the more than 15,100 larger neighborhoods nationwide included in this analysis, 838 had a median home value of $1,000,000 or more, roughly two-thirds of which are in California. More than a quarter (29 percent) of California’s neighborhoods have a median home value of at least $1 million, the highest by far of all states analyzed. New York, Florida and Washington rank a distant 2nd, 3rd, and 4th on the list of states with the most $1 million neighborhoods. Even so, a whopping 82.8 percent of all $1 million neighborhoods are in one of these four states, demonstrating the immense value of housing in coastal states in general.
