As you know, the price of everything has gone up recently with no end in sight. This certainly includes real estate as well. A recent analysis looked at the number of million-dollar cities across the country. By definition, a million-dollar city is a town with a typical home value of $1 million or more. A decade ago, there were only 126 million-dollar cities in the U.S. Currently, there are 481 million-dollar cities across the country. In fact, record-setting home appreciation added 146 more cities to this list. Most of the million-dollar cities are clustered around eight large metro areas: New York City, San Francisco, Los Angeles, San Jose, Boston, Seattle, Miami, and Washington, D.C.
4 Florida towns make the top 10 list
Interestingly, 4 Florida towns made the top 10 list for millionaire cities. Three of these towns are in South Florida. Below are the top 10 communities on the list along with their average home price:
- Indian Creek, FL: $28.32 million
- Atherton, CA: $7.69 million
- Hunts Point, WA: $7.01 million
- Jupiter Island, FL: $6.85 million
- Sagaponack, NY: $5.95 million
- Hillsborough, CA: $5.36 million
- Lost Altos Hills, CA: $5.25 million
- Golden Beach, FL: $5.17 million
- Belleair Shore, FL: $4.96 million
- Belvedere, CA: $4.68 million
Referred to as The Freedom State by many throughout the country, Florida has certainly gained in popularity and thus residents over the past few years. With many of these transplants moving to The Sunshine State from significantly more expensive markets, this has significantly increased the competition for Florida homes. In particular, South Florida continues to dominant the rankings for home price appreciation. With this said, rental prices in South Florida markets have also followed suit. Although the recent rate of home appreciation can not continue at the same pace, the continued demand for housing should reinforce price growth.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!