23 New Million Dollar Housing Markets Predicted by 2020

Almost two dozen cities across the US are expected to hit the million-dollar mark. Buyers looking for a luxury home might be in luck. According to new research, the country will gain 23 million-dollar housing markets (markets where the median home value is more than $1 million) by the end of 2019.

If projections hold up, that brings the total to an astonishing 220 million-dollar cities across the nation. Of the 23 new cities, 14 are in California, with more than half in the Bay Area region alone. New York will gain three new million-dollar markets, while Washington and Massachusetts will both gain two. Florida and North Carolina are expected to gain one each, respectively. Overall, the number of million-dollar housing markets has doubled since 2013. Economists expect that number to continue growing, too. 

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“These markets tend to be affluent and exclusive suburbs in communities adjacent to finance and tech hubs,” writes Svenja Gudell, economist. “Although home value growth is expected to slow over the next year, particularly at the high end of the market, the number of cities where more than half of homes are valued in the seven digits is expected to jump to a new all-time high over the next 12 months.” According to the numbers, the market is at a convenient intersection for both buyers and sellers. Luxury housing in secure, affluent neighborhoods is attainable and increasing in availability. Home value will continue to steadily increase across the luxury market at a healthy rate, providing home buyers with affordable prices and reasonable rates–– simultaneously allowing homeowners to grow their wealth and remain secure in their assets.

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