Despite home values still being down more than 11% from their peak in 2007, home buyers are paying more money for less home than ever before.
At the height of the housing market the median $1 million home was 2,730 square feet. Today it is 2,629 square feet, down nearly 4% from 2007, according to a Zillow analysis. On a local level, this trend is playing out in 30 of the 50 largest U.S. metro areas.
Among the 50 largest metros analyzed by Zillow, million-dollar homes lost the most space in Providence, RI (-20.7%), New Orleans (-18.7%) and San Francisco (-13.6%). The median size of million-dollar homes rose the most in Las Vegas (18.3%), Orlando (16.9%) and Fresno, CA (14%).
The size of a “typical” million-dollar home varies drastically from market to market. For example, in San Jose, a million bucks gets you 1,791 square feet. Compare that to Indianapolis, where $1 million affords you a whopping 6,308-square-foot home. Only six metro areas had a median square footage among million-dollar-plus homes that was smaller than the nation as a whole.
Currently, about 2.4% of all homes in the U.S. are worth $1 million or more.
One million dollars goes furthest in the Midwest and South, though these regions have a smaller share of million-dollar homes to choose from.
For additional data on the full list of metros and states Zillow analyzed, please contact press@zillow.com.
Methodology: Zillow calculated the count of million-dollar homes as defined by the total number of single-family homes, condo and co-ops with a Zestimate® over $1 million at three points in time: the national height of the bubble (2007), the national trough (2011) and currently. Median square footage was calculated for homes valued at approximately $1 million by looking at homes with a Zestimate between $950,000 and $1,050,000.
Read more: http://www.zillow.com/blog/million-dollar-homes-2014-158004/#ixzz3B3g0PiLV
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