Within the next year, two Eastside cities are expected to join Zillow’s “$1 Million City List,” which is comprised of cities with median home values of at least $1 million, the real estate company recently reported.
Bellevue and Sammamish, which have current median home values of $948,100 and $945,000 respectively, are among 23 U.S. cities likely to breach the $1 million mark by next June.
According to Zillow, 197 of the 10,000 cities analyzed across the country have median homes values of $1 million or more. Thirty-three of those reached that amount in the past 12 months; the number of million-dollar cities has doubled in just the past five years.
Cities where home values are rising into the seven-digit range are generally “affluent and exclusive suburbs in communities adjacent to finance and tech hubs,” Zillow’s report states. Other up-and-coming cities on the list alongside Bellevue and Sammamish include California hot spots like Burbank, Daly City, East Palo Alto, San Clemente, and Seal Beach; and New York City-area cities such as Woodbury and Franklin Lakes.
The report also revealed some of the more outrageous median home values on the $1 Million City List. Unsurprisingly, Beverly Hills ($3.5 million) and Malibu ($3 million) landed near the top. Medina, where both Jeff Bezos and Bill Gates own homes, has a median home value of $2.8 million. The city with the highest median home value in the country is currently Atherton, in Silicon Valley, where the median home is worth a staggering $6.9 million.