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.
 

Metro Areas With the
Most Million-Dollar Cities
 

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 seller is as sensitive to the interest rate.”

California has the most million-dollar homes — 210 — 12 more from a year ago. Next up are New York, New Jersey, Florida, Massachusetts and Colorado.

The New York City metro area has the most homes worth $1 million or more — 106, up by 24 from a year ago. Next up is San Francisco, with 69, and Los Angeles, with 63.

However, in some cities where homes are being built, there was a loss in million-dollar homes in 2023, Olsen said.

Florida, for instance, saw a net loss of homes at this price point in Siesta Key, Santa Rosa Beach and Sanibel. Texas lost more million-dollar homes than it gained in Sunset Valley and Volente, both outside Austin.