Number of 'million-dollar cities' rising as home prices continue to climb

More cities have hit the $1 million mark amid rising home prices, especially in California.

A year ago, real estate marketplace Zillow found 491 cities where the typical home value was $1 million or more. That number grew to 550 cities this year, according to Zillow.

To be a "million-dollar city," the average home value in that city must be $1 million or more. 

California was home to 210 million-dollar cities, more than the next five states combined. California was followed by New York (66 cities), New Jersey (49), and Florida (32).

"Affordability is still a big challenge for buyers, but that hasn’t stopped home values from climbing," Zillow reported. "The housing market is tight with few homes available, and competition is still high for attractive homes. That competitive pressure is pushing home values higher across the U.S."