Million-dollar homes are the new norm in these cities

The real estate market is overflowing with listings, with inventory jumping for the 25th straight month.There are now more than 1 million homes for sale — and at least 10% of those properties are selling for $1 million or more.But a $1 million price tag isn’t always considered luxury.

In cities such as Los Angeles, Miami and New York, $1 million can still mean a smaller home, a fixer-upper, or something “dated.”“Buyers in these markets are competing at price points that would be considered top-tier almost anywhere else,” says Anthony Smith, senior economist at Realtor.com.The New York City metro tops the list with the most homes listed at $1 million and above.Part of that metro sits right across the Hudson River.

It’s Bergen County, NJ, which is densely populated with homes of all sizes and communities offering an array of conveniences from shopping to recreation.“Million-dollar homes in Bergen County are truly the new norm,” Taylor Lucyk, real estate broker with the Taylor Lucyk Group, tells Realtor.com. “Bergen County is one of the most desirable places to live in New Jersey, largely because of its unbeatable proximity to New York City.It’s a dream for commuters, with the majority of towns offering easy access to trains, buses, major highways, and walkable downtowns filled with dining and shopping.”Lucyk says the top-rated school systems and safe communities draw strong demand year-round.“All of this drives home values up, which is why $1 million has become the new $500,000 in many neighborhoods,” Lucyk says.“In many of the metros with the highest number of million-dollar listings, a $1 million price tag simply doesn’t buy what it used to,” Smith explains.“These are some of the priciest housing markets in the country, where strong demand, limited land, and long-standing high cost structures have pushed typical home prices far above the national norm.”Lucyk says a $1 million price tag in Bergen County is not com...