Arizona has 2 ‘million-dollar cities’ where typical home value is at least $1M
BY: AZ Big Media
A record 146 U.S. cities became new “million-dollar cities” — cities in which the typical home value is at least $1 million — in 2021, Zillow data shows. There are two million-dollar cities in Metro Phoenix — Paradise Valley and Carefree — one more than the previous year.
Paradise Valley’s typical home value is $2,825,574, an increase of 32.1% from the previous year. Carefree’s typical home value is $1,201,329, an increase of 33.9% from the previous year. The typical home value across Metro Phoenix is $428,437.
There are now 481 cities in which the typical home value is at least $1 million. If current rates of appreciation hold, 49 more could join the $1 million club by midyear.
The number of cities that crossed the $1 million threshold in 2021 is almost triple that of cities reaching those heights in 2020, underscoring a record-setting year of home appreciation that saw the typical U.S. home gain 19.6% in value.