Rising home values haven’t escaped the high end of the market, and the number of incorporated cities in the D.C. region with a median selling price of $1 million or more in 2020 doubled.
Zillow research says eight incorporated cities in the D.C. area had median selling prices of more than $1 million last year, compared to four in 2019.
The list is led by Chevy Chase, Maryland, with a median selling price last year of just over $1.3 million. That’s up 7.2% from 2019. Chevy Chase is followed by Great Falls, Virginia; Chevy Chase View, Maryland; and McLean, Virginia.
The Washington region ranks eighth nationally, for concentration of million dollar cities.
Nationwide, 70% of metro regions with the most million-dollar cities are concentrated in nine coastal metro areas. Among those, 61 are in the San Francisco Bay Area, 51 in the New York City area and 39 in the Los Angeles area.
Atherton, California, in the San Francisco suburbs, had by far the highest median selling price in 2020, at $6.6 million.
Below are the D.C. region’s eight million-dollar cities, courtesy of Zillow:
The chart below shows top metro areas for million-dollar cities across the country, courtesy of Zillow: