Million Dollar Homes Across America: Then and Now

Photo: Howard Hanna Real Estate Service, Cleveland // Median Home Prices from National Association of Realtors How much can $1 million buy you in today’s real estate market? The answer, of course, varies greatly by market and location. And given the historic price slump in recent years, the matter of when you're buying is almost as important.CNBC has surveyed 19 markets around the country, from New York City and Los Angeles to Omaha, Nebraska and Anchorage, Alaska, to illustrate the great differences in purchasing power then and now.So, what can $1 million buy you in today's real estate market versus two years ago? Click ahead to see the comparisons!By Paul ToscanoPosted Oct 5 2009$1 Million Goes Further In Today's Real Estate Market

Listing and Photos Provided By: Keller Williams Realty Sonoran Living Home sold in 2007Price: $1,000,000Interior: 3,975 sq ftLot Size: 19,000 sq ft4 Bedrooms, 3.5 Bathrooms

Listing and Photos Provided By: Keller Williams Realty Sonoran Living Home listed in 2009Price: $1,100,000Interior: 5,001 sq ftLot Size: 32,407 sq ft5 Bedrooms, 4 BathroomsIn 2007, the average house in Phoenix was on the market for 120 days before it was sold; now it is 180 days. In mid-range to upper-end properties, realtors estimate distressed sales and excess inventories to clear within 12 months as supply and demand come back into balance.Area Median Home Prices2009 Q2: $131,1002007: $257,400Change: -49.1%

Listing and Photos Provided By: Vawter Vision Group Home listed in 2007Price: $1,300,000*Interior: 3,500 sq ftLot Size: N/A5 Bedrooms, 5.5 Bathrooms*Currently listed at $1,095,000

Listing and Photos Provided By: Vawter Vision Group Home listed in 2009Price: $999,000Interior: 3,650Lot Size: N/A5 Bedrooms, 4 Bathrooms, 2 HalfRealtors in the area see activity picking up, but a significant proportion of sales are properties involving short sales and foreclosures, with most clients being first-time buyers.Area Median Home Prices2009 Q2: $121,4002007: $172,000Change: -29.5%

Listing and Photos Provided By:  Gumley Haft Kleier, Inc. Home sold in 2007Price: $975,000Interior: 1,400 sq ft2 Bedrooms, 2 Bathrooms

Listing and Photos Provided By: Gumley Haft Kleier, Inc. Home listed in 2009Price: $1.1 millionInterior: 1,000 sq ft2 Bedrooms, 2 BathroomsThe average time a property will be on the market before a sale is now 180 days—double that of 2007. One area realtor says activity has "picked up after coming to a screeching halt," thanks to first-time buyers. New construction, however, is still weak. Area Median Home Prices*2009 Q2: $379,8002007: $469,700Change: -19.2%*Includes NY, Northern NJ and Long Island

Listing and Photos Provided By: Real Estate Brokers of Alaska Home sold in 2007Price: $1,025,000Interior: 4,912 sq ftLot Size: 20,182 sq ft4 Bedrooms, 2.5 Bathrooms

Listing and Photos Provided By: Real Estate Brokers of Alaska Home listed in 2009Price: $1,100,000Interior: 6,190 sq ftLot Size: 48,021 sq ft5 Bedrooms, 4.5 BathroomsIn 2007, residential properties in Anchorage were on the market for an average of 75 days; in 2009 it is up to 85 days. Despite this small increase, realtors report a slow market.Median Home Prices*This information is not tracked by the Nat'l Association of Realtors

Listing and Photos Provided By: The Hasson Company Realtors Home sold in 2007Price: $999,900Interior: 5,020 sq ftLot Size: 14,160 sq ft5 Bedrooms, 3.5 Bathrooms

Listing and Photos Provided By: The Hasson Company Realtors Home listed in 2009Price: $1,150,000Interior: 3,875 sq ftLot Size: 11,800 sq ft4 Bedrooms, 4 BathroomsIn 2007, the Portland market saw a 6-month average period between listing and sale. It is now 7-8 months, having been as high as 12 months in March. Realtors say many sellers have pulled their homes off the market to wait for better conditiions. Sales of homes in lower-price ranges (under $450,000) have stabilized, but the high-end market is struggling with homes selling at 2004 price levels.Area Median Home Prices2009 Q2: $246,2002007: $295,200Change: -16.6%

Listing and Photos Provided By: Cottingham-Chalk/Bissell-Hayes, Realtors Home sold in 2007Price: $1,050,000Interior: 2,783 sq ftLot Size: 3,183 sq ft4 Bedrooms, 3.5 Bathrooms

Listing and Photos Provided By: Cottingham-Chalk/Bissell-Hayes, Realtors Home listed in 2009Price: $1,000,000Interior: 4,108 sq ftLot Size: 4264 sq ft5 Bedrooms, 4.5 BathroomsIn 2007 the average home in the Charlotte remained on the market for 90 days, compared to 180 days or more in 2009. The market is saturated with high-price properties because of the difficulty of obtaining jumbo loans. Sales activity has increased specifically for homes priced under $500,000, according to local realtors.Area Median Home Prices2009 Q2: $199,7002007: $204,300Change: -2.3%

Listing and Photos Provided By: Baird & Warner Home sold in 2007Price: $1,100,000Interior: 1,681 sq ft2 Bedrooms, 2 Bathrooms

Listing and Photos Provided By: Baird & Warner Home listed in 2009Price: $1,089,000Interior: 1,902 sq ft2 Bedrooms, 2.5 BathroomsFor Chicago's high-end real estate market, 2007 saw an average listing-to-sale time of six days; the number increased to 53 in 2009. However, despite this increase, properties have sold in as little as one day recently.Area Median Home Prices2009 Q2: $204,3002007: $245,600Change: -16.9%

Listing and Photos Provided By: Windermere Prestige Properties Home sold in 2007Price: $1,000,000Interior: 3,601 sq ftLot Size: 9,132 sq ft4 Bedrooms, 5 Bathrooms

Listing and Photos Provided By: Windermere Prestige Properties Home listed in 2009Price: $1,025,000Interior: 5,498 sq ftLot Size: 11,7615 Bedrooms, 6 BathroomsIn 2007, high-end homes over $1 million would average 220 days on the market before being sold; it is now 264 days. Though Vegas is one of the hardest hit markets  realtors are optimistic about the future. The number people relocating to the area is expected to outpace that of the departing by five-to-three margin. Retirees and first-time buyers are also taking advantage of the current market.Area Median Home Prices2009 Q2: $141,8002007: $297,700Change: -47.6%

Listing and Photos Provided By: Prudential Gardner, Realtors Home sold in 2007Price: $1,025,000Interior: 4,722 sq ftLot Size: 8,635 sq ft6 Bedrooms, 3.5 Bathrooms

Listing and Photos Provided By: Prudential Gardner, Realtors Home listed in 2009Price: $1,150,000Interior: 6,759 sq ftLot Size: 10,500 sq ft4 Bedrooms, 2.5 BathroomsIn 2007, homes for sale spent an average of 95 days on the market; that's down to 91 days in 2009, according to realtors in the area. Activity is beginning to pick up in the area, but it is significantly slower than the market's high point prior to Hurricane Katrina in 2006. Area Median Home Prices2009 Q2: $165,8002007: $160,300Change: +3.4%

Listing and Photos Provided By: MLSPIN Home sold in 2007Price: $1,110,000Interior: 2,210 sq ftLot Size: N/A3 Bedrooms, 2.5 Bathrooms

Listing and Photos Provided By: Coldwell Banker Residential Brokerage // MLSPIN Home listed in 2009Price: $1,050,000Interior: 2,655 sq ftLot Size: 1,280 sq ft4 Bedrooms, 2 Bathrooms, 2 HalfThe average time on the market for a home in the area is up slightly, from an average of 97 days in 2007 to 103 days in 2009. Realtors see strengthening activity in the market, citing first-time buyers who are using the government's housing tax credit. Area Median Home Prices2009 Q2: $336,1002007: $395,600Change: -15.1%

Listing and Photos Provided By: Coldwell Banker Pacific Properties Home sold in 2007Price: $1,090,000Interior: 1,808 sq ftLot Size: 8,296 sq ft3 Bedrooms, 2 Bathrooms

Listing and Photos Provided By: Coldwell Banker Pacific Properties Home listed in 2009Price: $1,075,000Interior: 3,184 sq ftLot Size: 7,250 sq ft4 Bedrooms, 3.5 BathroomsIn 2007, the average listing-to-sale time was approximately 44 days; in 2009, it is 48 days. The Honolulu market has seen a pickup in activity, thanks to favorable mortgage interest rates and the first-time home buyer incentive program, according to realtors in the area.Area Median Home Prices2009 Q2: $569,5002007: $643,500Difference: -12.5%

Listing and Photos Provided By: Prudential Ambassador Real Estate Home sold in 2007Price: $1,299,000Interior: 6,399 sq ftLot Size: N/A5 Bedrooms, 6 Bathrooms

Listing and Photos Provided By: Prudential Ambassador Real Estate Home listed in 2009Price: $1,000,000Interior: 6,724 sq ftLot Size: 13 Acres5 Bedrooms, 6 BathroomsAccording to realtors in the area, the average home's market time is down to to 59 days, versus 68 days in 2007. Inventory is up almost 23% from 2007. In Omaha, the most expensive property sold so far in 2009 was for $1,000,000.Area Median Home Prices2009 Q2: $134,9002007: $138,000Change: -2.3%

Listing and Photos Provided By: Coldwell Banker Residential Brokerage Home sold in 2007Price: $1,040,000Interior: 1,168 sq ftLot Size: 1,769 sq ft3 Bedrooms, 3 Bathrooms

Listing and Photos Provided By: Coldwell Banker Residential Brokerage Home sold in 2009Price: $1,100,000Interior: 1,520 sq ftLot Size: 2,500 sq ft3 Bedrooms, 3 BathroomsIn 2007, it took an average of 26 days to move a house; in 2009 it will take 40 days. Realtors report activity picking up in the area with the majority being first-time buyers. Area Median Home Prices2009 Q2: $472,9002007: $804,800Change: -41.3%

Listing and Photos Provided By: John Daugherty Realtors Home sold in 2007Price: $1,060,000Interior: 2,986 sq ftLot Size: 7,906 sq ft3 Bedrooms, 3 Bathrooms

Listing and Photos Provided By: John Daugherty Realtors Home listed in 2009Price: $1,190,000Interior: 5,087 sq ftLot Size: 6,240 sq ft4 Bedrooms, 4 Bathrooms, 2 HalfIn 2007 the average home was on the market for 62-67 days; today it is 88-102 days. The Houston market is looking up, say realtors, with home prices on the rise and seasonal summer-home buyers providing a boost.Area Median Home Prices2009 Q2: $157,4002007: $152,500Change: +3.2%

Listing and Photos Provided By: Exit One Realty Home sold in 2007Price: $1,073,156Lot Size: 3,678 sq ft4 Bedrooms, 4 Bathrooms

Listing and Photos Provided By: Exit One Realty Home listed in 2009Price: $1,099,950Lot Size: 3,184 sq ft5 Bedrooms, 5 BathroomsIn 2009, the listing-to-sale time at 227 days is more than double that of 2007. The market may have hit a bottom, however, as realtors report that demand and sales are rebounding, specifically in homes under $200,000.Area Median Home Prices2009 Q2: $223,7002007: $245,400Change: -8.9%

Listing and Photos Provided By: Coldwell Banker Danforth Home sold in 2007Price: $1,005,000Interior: 3,400 sq ftLot Size: N/A4 Bedrooms, 3.5 Bathrooms

Listing and Photos Provided By: Coldwell Banker Danforth Home listed in 2009Price: $1,000,000Interior: 4,000 sq ftLot Size: 4,835 sq ft5 Bedrooms, 3.5 BathroomsFrom 2007 to 2009, time on the market increased from 30 days to 41 days. Realtors in Seattle say the market has not been as hard hit as the rest of the country, despite a 10-20 percent decline in prices across the board.Area Median Home Prices2009 Q2: $328,4002007: $386,900Change: -15.2%

Listing and Photos Provided By: Howard Hanna Real Estate Services Home sold in 2007Price: $975,000Interior: 6,300 sq ftLot Size: 8,657 sq ft6 Bedrooms, 8 Bathrooms, 2 Half

Listing and Photos Provided By: Howard Hanna Real Estate Services Home sold in 2009Price: $826,000 (Orig listed at $1m)Interior: 5,989 sq ftLot Size: 8,247 sq ft6 Bedrooms, 5.5 BathroomsIn 2007, it took 98 days on the market to sell a home. It is now 209 days, partly because of a high inventory level.Area Median Home Prices2009 Q2: $106,0002007: $130,000Change: -18.5%

Listing and Photos Provided By: Keller Williams Beverly Hills Realty Home sold in 2007Price: $1,100,000Interior: 1,619 sq ftLot Size: 4,992 sq ft3 Bedrooms, 2 Bathrooms

Listing and Photos Provided By: Keller Williams Beverly Hills Realty Home sold in 2009Price: $1,080,000Interior: 2,986 sq ftLot Size: 17,920 sq ft4 Bedrooms, 2 BathroomsIt now takes about 205 days on the market to sell a home in the LA metro area, versus 11 days two years ago. Realtors see activity picking up in the west side of the city, with single-family home sales up 5.1% year over year. Sellers have been dropping their asking price, interest rates are low and buyers are moving off of the the sidelines. Realtors in the area expect activity to pick up through 2010.Area Median Home Prices2009 Q2: $311,1002007: $593,600Change: -47.6%

Listing and Photos Provided By: Coldwell Banker Preferred Home sold in 2007Price: $1,050,000Interior: 2,597Lot Size: N/A3 Bedrooms, 2.5 Bathrooms

Listing and Photos Provided By: Coldwell Banker Preferred Home listed in 2009Price: $1,030,000Interior: 2,712Lot Size: N/A4 Bedrooms, 2 BathroomsIn the million-dollar range, real estate in Philadelphia took an average of 104 days on the market in 2007 to generate a sale; it is up to 166 in 2009. A realtor group reports a "huge influx" of first time buyers as a result of the recent government tax credit, which has contributed to an overall drop in inventory.Area Median Home Prices2009 Q2: $211,0002007: $234,900Change: -10.1%Replay SlideshowWorld's Most Expensive Real Estate MarketsAmerica's Coolest Beach Homes$1 Million Goes Further In Today's Real Estate MarketWorld's Most Expensive Places To Live

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