There are now 550 US cities where the typical home value is $1 million or more

Home prices are reaching a peak. Currently, 550 cities in the U.S. have home values that average $1 million or more, a Zillow report found.

Last year, 491 cities boasted average home values over $1 million. The rise in cities with high-priced homes is due to the tight housing market driving prices up.

California has the largest number of metro areas with million-dollar homes. With 210 million-dollar cities, California has more than the next five states combined. Next in line is New York...