The stakes of homebuying keep rising – and the prospects for success keep dwindling – as more cities across the nation join the “million-dollar club.” In cities that have joined this no longer quite so exclusive group, the typical home value is $1 million or more.

The sharp 12% spike in this club’s membership – from 491 last year to 550 in 2024 – means that affordability will continue to be a challenge for many, according to a new analysis by Zillow. New listings are on the rise, offering buyers more choices. “But they’ll also see a lot of other buyers wandering through the same open houses. Competition will stay fierce, especially for the most attractive and well-priced homes,” said Zillow data scientist Anushna Prakash.

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