The number of American houses worth $1 million is at an all-time high, as home prices continue to hit new records.
While million-dollar homes are out of reach for the vast majority of Americans, they are no longer just being bought and sold by the ultra-wealthy. In San Francisco, the median-priced home sells for more than $1.6 million – far above the national median of $441,000. Meanwhile, in Detroit, $1 million listings are rare.
Today, there are only 7 major metros where a luxury home – valued in the top 5% of homes – costs less than $1 million, compared to 30 just five years ago.
“The $1 million mark used to signal true luxury; now, in many parts of the country, it simply means the price of a typical home,” said Jonathan Huffer, a Redfin Premier agent specializing in luxury properties in Palm Beach, FL. “It’s a reflection of how dramatically home prices have risen, especially in coastal markets where million-dollar listings have become the norm rather than the exception.”
So, are you wondering what $1 million buys in today’s market? We pulled current listings from Redfin.com to see how far it goes in 25 different cities. From wooded mansions to urban condos, here’s a look at what’s out there.
1. Alexandria, VA
3210 Old Dominion Blvd, Alexandria, VA 22305
Arlington houses come at a premium. This Colonial offers 3 beds, 2 baths, and 1,906 sq ft on a wooded quarter-acre lot. Compared to somewhere like New Haven, you get half the square footage for the same price.
2. Atlanta, GA
475 Rose Garden Ln, Alpharetta, GA 30009
A market tipped in homebuyers’ favor, Atlanta offers a lot for those with the budget. This end-unit townhome in nearby Alpharetta offers 4 beds and 3.5 baths over 2,640 sq ft.
3. Aurora, IL
9439 Corneils Rd, Bristol, IL 60512
Located on the outskirts of Aurora, a Chicago suburb, this historic 19th-century dairy barn has been transformed into a 9,150 square-foot home that overlooks gorgeous…