5 Southern California Areas Join ‘Million-Dollar Club’ Thanks To Skyrocketing Home Real Estate Values

By CBSLA Staff, CBS Los Angeles

January 12, 2021

LOS ANGELES (CBSLA) — The value of real estate has skyrocketed even further during the pandemic, adding several Southern California cities to the so-called million-dollar club.

The total of million-dollar cities is now at 312, up from 104 from five years ago, according to online real estate firm Zillow. These are cities in which the average home value is $1 million or more.

“In 2020 home values soared nationwide because of incredible demand across all price tiers, which we expect to continue well into 2021,” Chris Glynn, a Zillow senior economist, said in a statement. Homes are selling in a matter of days in many places, Glynn added.

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