The Cambridge City Council has backed a proposal to institute a real estate transfer fee on property worth more than $2 million, and direct the resulting proceeds towards affordable housing initiatives, according to the minutes of the council’s Monday meeting.

The council voted Monday to draft a home rule petition to send to the state legislature for approval. Somerville sought legislative approval for a similar measure last year. Cambridge Mayor Marc McGovern estimated the city’s revenues could range from $30 million to $101 million, according to the Cambridge Chronicle.

The median single-family home sale price in Cambridge in 2018 was $1.45 million, up from $1.31 million in 2017, according to analysis from The Warren Group, publisher of Banker & Tradesman. The median sale price for a two-family home was $1.4 million in 2018, up from $1.38 million in 2017. The median price for a three-family building was $1.64 million in 2018 and $1.43 million in 2017. The median sale price for a condominium in 2018 was $750,000, compared to $725,000 in 2018.