A San Diego County neighborhood has joined a prestigious listing, in response to new actual property information – locations the place the standard house worth has reached $1 million.
Six native cities have already reached that standing – Rancho Santa Fe, Del Mar, Coronado, Solana Seaside, Encinitas and Carlsbad – however a brand new one has been admitted to the million-dollar membership, Zillow researchers say.
Primarily based on a dive into December information within the sizzling actual property market, the brand new neighborhood is (drum roll, please):
Poway, the place the standard house worth has risen to $1.075 million, up 27% up to now yr.
As for the opposite native “million-dollar cities,” the newest values are:
- Rancho Santa Fe – $3.5 million, up 27.6% over final yr.
- Del Mar – $3.3 million, up 26.1% over final yr.
- Coronado – $2.48 million, up 20.8% over final yr.
- Solana Seaside – $1.99 million, up 24.5% over final yr.
- Encinitas – $1.7 million, up 29.4% over final yr.
- Carlsbad – $1.35 million, up 32.1% over final yr.
In the meantime, the standard house worth throughout the larger San Diego metropolitan space has reached $837,420, in response to Zillow.
Throughout the nation, a document 146 U.S. cities turned new “million-dollar cities” in 2021, in response to Zillow data. That’s a bounce of almost 44%.
There are actually 481 cities during which the standard house worth is not less than $1 million. If present charges of appreciation maintain, 49 extra might be a part of the $1 million membership by mid-year.
The vast majority of million-dollar cities are clustered inside a couple of giant coastal areas; the San Francisco and New York metro areas cleared the path with 76 million-dollar cities every.
The Los Angeles metro is third with 57 cities, and San Jose is fourth with 22.
In complete, 60% of all million-dollar cities lie inside eight metro areas, with virtually half in California.
“The surge in demand for housing final yr despatched house values skyrocketing, even in locations the place costs already have been sky-high, and that helped tip a document variety of cities into the million-dollar membership,” stated Jeff Tucker, Zillow senior economist.
He famous that California, Massachusetts and New York led the pack for probably the most new cities with house values above $1 million. Idaho and Montana entered the listing for the primary time.
Indian Creek, Florida, an unique 300-acre island in Biscayne Bay in Miami, is the costliest metropolis within the nation, with a typical house worth exceeding $28 million. The celebrity enclave has a complete inhabitants of fewer than 100 residents.
Within the No. 2 spot is Atherton, a small city on the San Francisco Peninsula the place the standard house worth sits round $7.7 million.