The number of ?million-dollar neighborhoods? in the U.S. has doubled
Where the median home price is a seven-figure figure The million-dollar listing is a growing phenomenon. According to a new Trulia report analyzing home values nationwide, the share of single-family homes sporting seven-figure values has grown 7.6 percent over the past year alone, and doubled since 2012, increasing from 1.5 percent to 3.6 percent of all homes on the market.
Despite the market?s recent cool-down, home values continue to rise, appreciating an average of 7.6 percent in just the last year alone, underscoring the continued affordability crisis. This has swelled the ranks of million-dollar neighborhoods, where the median home value is more than $1 million. Now, 838 of the 15,100 neighborhoods included in the study have that distinction. Not surprisingly, the phenomenon proliferates in coastal areas, especially California. Roughly two-thirds of such neighborhoods can be found in the Golden State, where 29 percent of all neighborhoods have a median value north of $1 million. The top four states in the nation for such pricey real estate?California, as wall as New York, Florida, and Washington?contain 82.8 percent of such neighborhoods. Colorado, due to expensive areas around Boulder, rounds out the top five.
The growth of million-dollar neighborhoods has accelerated over the last year, when 105 areas earned that distinction. The Trulia report found that of cities with at least 10 such neighborhoods, 8 were in coastal California. Boulder, Colorado, and Bro...
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Ancient Temples of Mount Laojun Peak
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