The number of U.S. cities with entry-level homes priced over $1 million has risen to 242, more than tripling since 2020. California leads with 105 such cities, followed by New York with 41. High demand, low supply, and pandemic-driven shifts fueled price surges, though recent declines reflect buyer caution. Despite challenges, conditions are gradually improving with more inventory, slower price growth, and a narrowing rent-buy gap.