How much can $1 million buy you in today’s real estate market? The answer, of course, varies depending on where you’re looking to buy.
Throughout the US housing crisis, home values have fallen sharply and short sales are becoming commonplace. However, many in local real estate markets - from New York and San Francisco to Anchorage and Omaha – are optimistic about a gradual recovery in home prices.
One price range of particular interest is the $1 million market, where affordability and luxury come to a crossroads. In some places, $1 million may buy you a mansion, in others the price will fetch a nice, yet moderate home. Although these are not typical homes by any means, they provide a good point of reference for spending across the country as well as the health of local economies. For reference, we have also included information on the market for homes priced $1 million or greater, with information from Zillow.com.
CNBC.com surveyed 19 local markets across the country, gathering examples and individual perspectives on the health of local markets in America.
So, how far can $1 million go in today’s real estate market? Click ahead to find out!
By Paul Toscano
Posted 28 July 2010