Million Dollar Homes Across America: Then and Now

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

Home sold in 2007
Price: $1,000,000
Interior: 3,975 sq ft
Lot Size: 19,000 sq ft
4 Bedrooms, 3.5 Bathrooms

Home listed in 2009
Price: $1,100,000
Interior: 5,001 sq ft
Lot Size: 32,407 sq ft
5 Bedrooms, 4 Bathrooms

In 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 Prices
2009 Q2: $131,100
2007: $257,400
Change: -49.1%

Home listed in 2007
Price: $1,300,000*
Interior: 3,500 sq ft
Lot Size: N/A
5 Bedrooms, 5.5 Bathrooms

*Currently listed at $1,095,000

Home listed in 2009
Price: $999,000
Interior: 3,650
Lot Size: N/A
5 Bedrooms, 4 Bathrooms, 2 Half

Realtors 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 Prices
2009 Q2: $121,400
2007: $172,000
Change: -29.5%

Home sold in 2007
Price: $975,000
Interior: 1,400 sq ft
2 Bedrooms, 2 Bathrooms

Home listed in 2009
Price: $1.1 million
Interior: 1,000 sq ft
2 Bedrooms, 2 Bathrooms

The 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: $379,800
2007: $469,700
Change: -19.2%

*Includes NY, Northern NJ and Long Island

Home sold in 2007
Price: $1,025,000
Interior: 4,912 sq ft
Lot Size: 20,182 sq ft
4 Bedrooms, 2.5 Bathrooms

Home listed in 2009
Price: $1,100,000
Interior: 6,190 sq ft
Lot Size: 48,021 sq ft
5 Bedrooms, 4.5 Bathrooms

In 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

Home sold in 2007
Price: $999,900
Interior: 5,020 sq ft
Lot Size: 14,160 sq ft
5 Bedrooms, 3.5 Bathrooms

Home listed in 2009
Price: $1,150,000
Interior: 3,875 sq ft
Lot Size: 11,800 sq ft
4 Bedrooms, 4 Bathrooms

In 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 Prices
2009 Q2: $246,200
2007: $295,200
Change: -16.6%

Home sold in 2007
Price: $1,050,000
Interior: 2,783 sq ft
Lot Size: 3,183 sq ft
4 Bedrooms, 3.5 Bathrooms

Home listed in 2009
Price: $1,000,000
Interior: 4,108 sq ft
Lot Size: 4264 sq ft
5 Bedrooms, 4.5 Bathrooms

In 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 Prices
2009 Q2: $199,700
2007: $204,300
Change: -2.3%

Home sold in 2007
Price: $1,100,000
Interior: 1,681 sq ft
2 Bedrooms, 2 Bathrooms

Home listed in 2009
Price: $1,089,000
Interior: 1,902 sq ft
2 Bedrooms, 2.5 Bathrooms

For 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 Prices
2009 Q2: $204,300
2007: $245,600
Change: -16.9%

Home sold in 2007
Price: $1,000,000
Interior: 3,601 sq ft
Lot Size: 9,132 sq ft
4 Bedrooms, 5 Bathrooms

Home listed in 2009
Price: $1,025,000
Interior: 5,498 sq ft
Lot Size: 11,761
5 Bedrooms, 6 Bathrooms

In 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 Prices
2009 Q2: $141,800
2007: $297,700
Change: -47.6%

Home sold in 2007
Price: $1,025,000
Interior: 4,722 sq ft
Lot Size: 8,635 sq ft
6 Bedrooms, 3.5 Bathrooms

Home listed in 2009
Price: $1,150,000
Interior: 6,759 sq ft
Lot Size: 10,500 sq ft
4 Bedrooms, 2.5 Bathrooms

In 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 Prices
2009 Q2: $165,800
2007: $160,300
Change: +3.4%

Home sold in 2007
Price: $1,110,000
Interior: 2,210 sq ft
Lot Size: N/A
3 Bedrooms, 2.5 Bathrooms

Home listed in 2009
Price: $1,050,000
Interior: 2,655 sq ft
Lot Size: 1,280 sq ft
4 Bedrooms, 2 Bathrooms, 2 Half

The 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 Prices
2009 Q2: $336,100
2007: $395,600
Change: -15.1%

Home sold in 2007
Price: $1,090,000
Interior: 1,808 sq ft
Lot Size: 8,296 sq ft
3 Bedrooms, 2 Bathrooms

Home listed in 2009
Price: $1,075,000
Interior: 3,184 sq ft
Lot Size: 7,250 sq ft
4 Bedrooms, 3.5 Bathrooms

In 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 Prices
2009 Q2: $569,500
2007: $643,500
Difference: -12.5%

Home sold in 2007
Price: $1,299,000
Interior: 6,399 sq ft
Lot Size: N/A
5 Bedrooms, 6 Bathrooms

Home listed in 2009
Price: $1,000,000
Interior: 6,724 sq ft
Lot Size: 13 Acres
5 Bedrooms, 6 Bathrooms

According 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 Prices
2009 Q2: $134,900
2007: $138,000
Change: -2.3%

Home sold in 2007
Price: $1,040,000
Interior: 1,168 sq ft
Lot Size: 1,769 sq ft
3 Bedrooms, 3 Bathrooms

Home sold in 2009
Price: $1,100,000
Interior: 1,520 sq ft
Lot Size: 2,500 sq ft
3 Bedrooms, 3 Bathrooms

In 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 Prices
2009 Q2: $472,900
2007: $804,800
Change: -41.3%

Home sold in 2007
Price: $1,060,000
Interior: 2,986 sq ft
Lot Size: 7,906 sq ft
3 Bedrooms, 3 Bathrooms

Home listed in 2009
Price: $1,190,000
Interior: 5,087 sq ft
Lot Size: 6,240 sq ft
4 Bedrooms, 4 Bathrooms, 2 Half

In 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 Prices
2009 Q2: $157,400
2007: $152,500
Change: +3.2%

Home sold in 2007
Price: $1,073,156
Lot Size: 3,678 sq ft
4 Bedrooms, 4 Bathrooms

Home listed in 2009
Price: $1,099,950
Lot Size: 3,184 sq ft
5 Bedrooms, 5 Bathrooms

In 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 Prices
2009 Q2: $223,700
2007: $245,400
Change: -8.9%

Home sold in 2007
Price: $1,005,000
Interior: 3,400 sq ft
Lot Size: N/A
4 Bedrooms, 3.5 Bathrooms

Home listed in 2009
Price: $1,000,000
Interior: 4,000 sq ft
Lot Size: 4,835 sq ft
5 Bedrooms, 3.5 Bathrooms

From 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 Prices
2009 Q2: $328,400
2007: $386,900
Change: -15.2%

Home sold in 2007
Price: $975,000
Interior: 6,300 sq ft
Lot Size: 8,657 sq ft
6 Bedrooms, 8 Bathrooms, 2 Half

Home sold in 2009
Price: $826,000 (Orig listed at $1m)
Interior: 5,989 sq ft
Lot Size: 8,247 sq ft
6 Bedrooms, 5.5 Bathrooms

In 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 Prices
2009 Q2: $106,000
2007: $130,000
Change: -18.5%

Home sold in 2007
Price: $1,100,000
Interior: 1,619 sq ft
Lot Size: 4,992 sq ft
3 Bedrooms, 2 Bathrooms

Home sold in 2009
Price: $1,080,000
Interior: 2,986 sq ft
Lot Size: 17,920 sq ft
4 Bedrooms, 2 Bathrooms

It 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 Prices
2009 Q2: $311,100
2007: $593,600
Change: -47.6%

Home sold in 2007
Price: $1,050,000
Interior: 2,597
Lot Size: N/A
3 Bedrooms, 2.5 Bathrooms

Home listed in 2009
Price: $1,030,000
Interior: 2,712
Lot Size: N/A
4 Bedrooms, 2 Bathrooms

In 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 Prices
2009 Q2: $211,000
2007: $234,900
Change: -10.1%

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