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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.
Last year, East Pasadena, La Crescenta-Montrose, La Habra Heights, View Park-Windsor Hills and Seal Beach joined the million-dollar club. The Los Angeles area is third in the nation with cities in the million-dollar club, after the San Francisco and New York City areas.
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