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Looking for a luxury home? 23 cities become million-dollar housing markets

Aly J. Yale
The Mortgage Reports contributor

More cities hit million-dollar mark

Buyers looking for a luxury home might be in luck. According to new data, the country will gain 23 more million-dollar housing markets — markets where the median home value is more than $1 million — by the end of next year.

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Cali gains 14 million-dollar housing markets

According to new research, 23 cities will join America’s list of million-dollar housing markets by 2019. That brings the total up to 220 million-dollar cities across the nation.

Of the 23 new cities, 14 are in California, while more than half of those in the Bay Area region. Cali cities expected to join the list include Burbank, Morgan Hill, East Palo Alto, Los Alamitos, Broadmoor Village, Daly City, Alameda, La Habra Heights, San Clemente, Dana Point, Brisbane, Newark, Seal Beach and Fairfax.

New York will gain three new million-dollar markets, while Washington and Massachusetts will both gain two. Florida’s North Port-Sarasota-Bradenton is expected to hit the $1 million mark too, as is Biltmore Forest in North Carolina.

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Overall, the number of million-dollar housing markets has doubled since 2013. Economists expect that number to continue growing, too.

“These markets tend to be affluent and exclusive suburbs in communities adjacent to finance and tech hubs,” economist Svenja Gudell wrote. “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.

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Where luxury lives

Across the entire country, only 19 states are home to million-dollar housing markets.

Seven of those states only have one, including Arizona (Paradise Valley), Georgia (Sea Island), New Hampshire (New Castle), South Carolina (Sullivan’s Island), Nevada (Glenbrook), Rhode Island (New Shoreham), Virginia (Great Falls).

In total, California has 111 million-dollar markets, while New York has the second most, with 30 cities hitting the million-dollar mark. If you look at the entire NYC metro, there are 41 million-dollar markets in the area.

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