Evidence continues to mount that the housing market was propelled by the pandemic last year.
A new report by Zillow shows that 45 more cities became million-dollar housing markets in 2020, a 17% increase over the number of cities in 2019. There are now 312 cities nationwide where the median home is worth at least $1 million.
Last year's increase is the largest observed in at least a decade, and there were 104 fewer million-dollar cities five years ago.
The DC metro area contains eight million-dollar cities, placing it among the nine coastal metro areas that account for 70% of these high-priced jurisdictions. Four of the DC area's million-dollar cities were just added over the past year. As seen in the table above, with the exception of Great Falls and McLean, all of these cities are in Montgomery County.
This article originally published at https://dc.urbanturf.com/articles/blog/the-pandemic-made-more-million-dollar-cities/17731.
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