Million-dollar homes not uncommon in coastal cities

Million-dollar homes not uncommon in coastal cities

Million-dollar homes not uncommon in coastal cities
The number of cities where buyers will find homes costing at least a million dollars has ballooned over the past year, according to a new report. Zillow has found that in 2020, there were 312 cities in the U.S. where the typical home value was at least $1 million, an increase of 45 cities from 2019.

The growth of these high-prices homes was seen primarily on the coasts with more than 70 percent located in places like San Francisco, New York City and Los Angeles.

Zillow reports that the significant increase in million-dollar-markets is largely attributable to demand as a result of the socioeconomic impact on the housing market.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.

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