Overview

• The number of cities with $1 million starter homes has nearly tripled since 2019, reaching 237.
• California leads with 117 cities, followed by New York and New Jersey with 31 and 21 cities respectively.
• Nationwide, starter home values have surged 54.1% over the past five years.
• High mortgage rates and a housing shortage are key factors behind the rising prices.
• Increased housing inventory may offer some relief to prospective buyers.