I’m not at all sure about these numbers – then again, keep in mind we’re talking about a later stage of technological development. The Free Cities are firmly in the Renaissance, not the Roman Empire, and they went through much less of a “dark ages” (as much as that term is a loaded and inaccurate one) than did the great colonial metropolises of Western Europe during the collapse of the Roman Empire. Then again, Renaissance Venice peaked at 200,000, Florence at 80,000, Milan at 100,000 – although all those figures leave out the rural populations they controlled.
However, you have to adjust for GRRM’s scope. King’s Landing is 500,000 people – historical London wouldn’t hit that size until roughly 1700. Likewise, we know for a fact that Volantis’ colonies are 500,000 each, which is likewise way out of proportion.