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The unceasing demand for U.S. real estate has pushed average home values over seven figures in hundreds of cities for the first time.
Homes valued at $1 million or higher are now the norm in 481 U.S. cities, more than double the number just five years earlier. In 2021 alone, 146 cities reached that level, according to Zillow data released Wednesday. That’s the most ever in a single year.