Golden State Shines Brightest with 190 Million-Dollar Cities

As the housing market continues to evolve and fluctuate, California remains a bright spot, with 190 cities in the state boasting home values of $1 million or more. This puts California in a league of its own, with the next six states on the list having only a combined total of 182 million-dollar cities.

At the metropolitan level, San Francisco and Los Angeles remain in the top three cities with the most million-dollar homes, with San Francisco ranking second and Los Angeles third. San Jose also made the list, coming in at number 10 with 21 million-dollar cities.

However, not all is rosy in California’s housing market. Zillow’s study showed that Los Angeles and San Francisco have lost the most million-dollar cities since July 2022, with seven and four cities, respectively, falling below that mark.

Nationally, the US has lost 58 million-dollar cities since the housing market peaked last July, marking a significant decline from the previous year’s record-setting number of new million-dollar cities.

The Zillow Home Price Index found that the typical US home has decreased in value by 4.1% since last July, with homes in million-dollar cities taking a bigger hit with a 6.3% decrease.

Despite these trends, California continues to stand out, and there are 32 other states in the US that also have at least one million-dollar city. Below is a list of the top 10 million-dollar cities by state, as of January 2023:

1. California (190 million-dollar cities, down from 210 in 2022)
2. New York (64 million-dollar cities, down from 66 in 2022)
3. New Jersey (32 million-dollar cities, down from 37 in 2022)
4. Florida (28 million-dollar cities, down from 32 in 2022)
5. Massachusetts (26 million-dollar cities, down from 27 in 2022)
6. Colorado and Washington (16 million-dollar cities, down from 18 in 2022)
7. Hawaii (14 million-dollar cities, down from 17 in 2022)
8. Texas (10 million-dollar cities, down from 15 in 2022)
9. Maryland (7 million-dollar cities, same as 2022)
10. South Carolina (6 million-dollar cities, same as 2022)

While the housing market continues to evolve, California remains a beacon of wealth and prosperity, with its many million-dollar cities shining bright.