Home prices are continuing to bulldoze records—mounting so much, in fact, that hundreds of neighborhoods have recently joined the million-dollar club, where at least 10 percent of homes are worth $1 million or more, according to an analysis by Zillow. Approximately 345 million-dollar neighborhoods have cropped up in the last three years, with the Los Angeles, New York and San Francisco metro areas forming the most million-dollar neighborhoods since 2014.
“As home values reach new peaks, $1 million homes are increasingly common, even in neighborhoods once considered middle class,” says Dr. Svenja Gudell, chief economist at Zillow. “The U.S. median home value is just over $200,000, but in San Francisco, Los Angeles and other expensive cities, homes are worth much more.”