The nation will gain 23 new “$1 million cities” within the next year — on top of the current 197 — and two of those locales are located in the Boston metro area, according to a Zillow report released Thursday.
Belmont and Lexington will be included on Zillow’s list in the coming year, the report predicts. At present, the Boston metro already has seven cities and towns that meet Zillow’s criteria for a “$1 million city.”
Zillow defines a “$1 million city” as those with a median home value of $1 million or more. In the past five years, the number of cities fitting this classification has doubled.
“These markets tend to be affluent and exclusive suburbs with very strict building restrictions in communities adjacent to finance and tech hubs,” said Aaron Terrazas, a senior economist at Zillow.
Overall, the median home value in the Boston area is $455,660, with Weston having the highest media value ($1,444,000) out of the entire metro, the report said. Newton and Winchester were added to the “$1 million cities” list in 2017.
Here are the local cities and towns that have a median value of $1 million or higher:
The Boston metro, according to Zillow, includes Suffolk, Middlesex, Plymouth, and Norfolk counties, in addition to Strafford and Rockingham counties in southern New Hampshire.
Across the country, 19 of the 41 largest U.S. metros have locales currently included on the $1 million cities list, including Boston, New York, San Francisco, and Chicago.