None of the nation’s 218 million-dollar cities — which have a typical home value of $1 million or more — are in the Colorado Springs metropolitan area, according to a Zillow analysis released Tuesday.
The closest is Black Forest, with a typical home value of $640,900, Zillow spokesperson Alex Lacter said.
The Denver metro area boasts $3 million cities in Cherry Hills Village, Columbine Valley and Greenwood Village, Lacter said.
The 218 million-dollar cities in the U.S. comes to three more than at the end of 2018 and 74 more than there were five years ago, the analysis found. However, the net addition of three million-dollar cities is easily the lowest in recent years — a reflection of the slower market last year, according to the analysis.
Telluride was among the seven cities to earn the $1 million distinction during the course of 2019, the analysis found, while four cities — San Jose, Calif.; San Quentin, Calif.; Lexington Hills, Calif.; and Laie, Hawaii — lost value and fell off of the list.
This marks the first year since 2016 in which any cities fell off the list, as home values declined in some expensive areas after a period of extreme price growth, the analysis found.
“Odd though it may seem, it’s the cities at the top that are ‘struggling’ the most during this return to normalcy in the market,” Skylar Olsen, Zillow’s director of economic research, said in a news release. “More than just slower growth, home values good and truly fell in many of these hubs of luxury, a sign that the excessive home value appreciation of the past several years drove prices too high — even beyond the reach of those who could afford almost anything almost anywhere else.”