Million Dollar Homes Across America

How much can $1 million buy you in today’s real estate market? The answer, of course, varies greatly depending on where you’re looking to buy.  The past two years have been a tumultuous time for the real estate market, but some places have been hurt more significantly than others.

We took a look at prices of homes on the market in the past two months in 18 local markets and have compiled a list of examples from these markets that can give you an idea of how far $1 million can really get you.

Click ahead to see the million-dollar homes across America!

By Paul ToscanoPosted 12 Feb 2009

Price: $1,095,000
Square Feet: 939 interior, 885 exterior
Bedrooms: 2
Bathrooms: 2

This home was bought in pre-construction back in 2006 and is currently priced marginally above that selling price.  A comparable property with a 1,200-square-foot interior and 300-square-foot exterior, sold for $1.275 million in 2007.

Nat'l Assoc of Realtors Median Home Prices
2006: $469,300
2008: $437,500
(Includes NY, Northern NJ and Long Island)

Price: $1,025,000
Square Feet: 4,875
Bedrooms: 5
Bathrooms: 4

“The sellers just renovated it and I believe it would have sold for the same amount of money two years ago," says Dana Griggs from The Hasson Company Realtors . "The main difference between today's million dollar market and that of two years ago is the time on market. This home would have sold in 30 to 60 days before. Now it will take between 90 and 120 days.”

Nat'l Assoc of Realtors Median Home Prices
2006: $280,800
2008: $280,100
(Includes Portland-Vancouver-Beaverton, OR-WA)

Price: $1,195,000
Square Feet: 5,550
Bedrooms: 4
Bathrooms: 4.5

This home was originally listed in June for $1.289 million,  but was recently staged and relisted at a reduced price  of $1.195 million.The Nashville market is down approximately 30 percent in sales volume, but the values are holding much better than in most of the other markets in the country. The market was classified as “undervalued” when the downward spiral began.  There is an approximate two year supply of properties in the $1 million price range.

Nat'l Assoc of Realtors Median Home Prices
2006: N/A
2008: N/A

Price: $1,049,000
Square Feet: 5,000
Bedrooms: 5
Bathrooms: 4.5

Homes in this price range are taking longer to sell than in 2006 with the average being 120-160 days versus 60-90 days.  This is a very special home in a neighborhood where larger size is not the norm making it a very attractive property. Two years ago this home would most likely have sold in the $1.1 million-$1.175 million range.

Nat'l Assoc of Realtors Median Home Prices
2006: $190,600
2008: $197,800
(Includes Charlotte-Gastonia-Concord, NC-SC)

Price: $1,150,000
Square Feet: 1,896 interior, 7,504 total land area
Bedrooms: 3
Bathrooms: 2

Sales here are taking significantly longer and prices are a little lower than in 2007.  According to the January 5, 2009 statistics released by the Honolulu Board of Realtors, the median sales price of a single family home in Honolulu was $624,000 in 2008 versus $630,000 or -3 percent. The number of sales was down 26.1 percent.

Nat'l Assoc of Realtors Median Home Prices
2006: $630,000
2008: $624,000
(Includes Honolulu Metro Area)

Price: $1,050,000
Square Feet: 1,592
Bedrooms: 3
Bathrooms: 2

Two years ago, this property would have sold for approximately $1.2 to $ 1.225 million.  In most Los Angeles neighborhoods, prices have fluctuated 10-15 percent lower, while neighborhoods farther east and south have experienced a higher percentage in price reduction.

Nat'l Assoc of Realtors Median Home Prices
2006: $584,800
2008: $402,100
(Includes Los Angeles-Long Beach-Santa Ana, CA)

Price: $1,290,000
Square Feet: 5,468
Bedrooms: 7
Bathrooms: 5.5

This home has been on the market since March 2008 and had an offer, but the bank withdrew its offer to finance a jumbo loan.  The home is once again under agreement,  but only after finding a local bank to finance at 35 percent down.

Nat'l Assoc of Realtors Median Home Prices
2006: $402,200
2008: $360,500
(Includes Boston-Cambridge-Quincy MA-NH)

Price: $1,000,000
Square Feet: 5,290, 13,234 lot size
Bedrooms: 4.5
Bathrooms: 4.5

In the last several years, this market did not experience the dramatic increase in home prices that other parts of the country did.  “Our home prices continue to increase at a very healthy 4 percent or so,” said John A. Daugherty, Jr., president of John Daugherty, Realtors in Houston, Texas.

Nat'l Assoc of Realtors Median Home Prices
2006: $149,100
2008: $151,600
(Includes Houston-Baytown-Sugar Land, TX)

Price:  $1,050,000
Square Feet: 1177
Bedrooms: 2
Bathrooms: 1

San Francisco’s real estate market remains one of the strongest in Northern California and has changed little over the past two years,” said Rick Turley, Coldwell Banker Residential Brokerage San Francisco, Peninsula and North Bay President. 

“We’ve seen a slight increase in the number of days million-dollar homes stay on the market, but thanks to the lack of available land, demand for housing and the fact that San Francisco remains a global destination, homes are still in high demand and buyers seem to appreciate how much they get for their money.”

Nat'l Assoc of Realtors Median Home Prices
2006: $752,800
2008: $622,000
(Includes San Francisco-Oakland-Fremont, CA)

Price: $1,060,000
Square Feet: 6,399
Bedrooms: 5
Bathrooms: 6

Homes in this price range are selling for approximately 20 percent less today then they would have 2 years ago.  With home prices dropping and interest rates being extremely low, it makes these homes look more attractive and much more affordable than before.

Nat'l Assoc of Realtors Median Home Prices
2006: $138,400
2008: $135,200
(Includes Omaha, NE-IA)

Price: $1.199 million
Square Feet: 2,364
Bedrooms: 3
Bathrooms: 2.5

This home was on the market for 133 days with an original list price of $1.25 million, before being reduced to $1.199 million. It is expected to go under contract in the next few months for $1.05 million. Similar units sold in 2007 from $975,000 to $1.175 million with four closings in 2007.

Nat'l Assoc of Realtors Median Home Prices
2006: $273,500
2008: $245,600
(Includes Chicago-Naperville-Joliet, IL)

Price: $1.05 million
Square Feet: 3,500
Bedrooms: 5
Bathrooms: 4.1

This two-story home has 10 rooms, including five bedrooms, three bathrooms and three fireplaces. The sellers have recently adjusted their price, taking into consideration today’s marketplace. A comparable home recently sold for $925,000 after being on the market for several years. It was originally listed at $1.195 million.

Nat'l Assoc of Realtors Median Home Prices
2006: $134,400
2008: $108,500
(Includes Cleveland-Elyria-Mentor, OH)

Price: $1.195 million
Square Feet: 2,774
Bedrooms: 2
Bathrooms: 2.5

The Seattle market has not seen a significant decrease in home values. Sellers who are not forced into selling realize that our general economic outlook for our region is strong and they will wait for the right buyer. For those who are forced to sell, possibly through foreclosure or short sale, are seeing sales prices being negotiated from 10-20 percent lower than they were two years ago.

Nat'l Assoc of Realtors Median Home Prices
2006: $361,200
2008: $357,200
(Includes Seattle-Tacoma-Bellevue, WA)

Price: $1.185 million
Square Feet: 4,278
Bedrooms: 4
Bathrooms: 3.5

There has been a 10-15 percent drop in home values over the past year and projected sales are at or slightly higher than 2008 numbers.  In the beginning of 2007 the market was still in the throes of the aftermath of Hurricane Katrina.

Home prices, which spiked immediately after Katrina, leveled off at approximately 20 percent above pre-Katrina prices. But inventories continued to climb and no one was buying except the most expensive or least expensive homes.  Nothing was moving between $175,000 and $650,000.

Nat'l Assoc of Realtors Median Home Prices
2006: $173,100
2008: $160,500
(Includes New Orleans-Metairie-Kenner, LA)

Price: $1.19 million
Square Feet: 5,417
Bedrooms: 4
Bathrooms: 3

In Las Vegas, it is estimated that there is a 43-month supply of homes on the market. Only 50 houses over $500,000 have sold in the past month, and 1,117 in 2008. Until recently, the luxury home market was not affected nearly as much. They are now being hurt and it’s believed that in the next 6-12 months we will see a huge drop in these homes. One reason is due to the “step-up” buyer who now cannot sell their $750K home in order to purchase the $1.2 million home.

Nat'l Assoc of Realtors Median Home Prices
2006: $317,400
2008: $220,500
(Includes Las Vegas-Paradise, NV)

Price: $1 million
Square Feet: 3,734
Bedrooms: 4
Bathrooms: 3.5

This prestigious Town & Country home boast all the quality features & fine amenities the discriminating buyer expects. Circular drive with upscale landscaping leads to this custom brick & stone 1.5 story home, located on the west side of Saint Louis. A sprawling estate in immaculate condition, it features 10 rooms, including 2 fireplaces and a 3 car garage. The property is listed today at approximately 6 percent less than it might have been in January of ‘07.

Nat'l Assoc of Realtors Median Home Prices
2006: $148,400
2008: $133,200
(Includes Saint Louis, MO-IL)

Price: $1.095 million
Square Feet: 3,850
Bedrooms: 4
Bathrooms: 3.5

This home, located in the suburbs of Minneapolis, was built in 1928 and features a distinctive Tudor style, as well as a range of ammenities, including two fireplaces and a fully furnished basement. In the range of $1 million homes in the Minneapolis/St. Paul area, the average listing price is $1,256,191, while the average selling price is $1,138,964. In the local market, properties remain on the market for an average of 222 days.

Nat'l Assoc of Realtors Median Home Prices
2006: $232,300
2008: $202,000
(Includes Minneapolis-St. Paul-Bloomington, MN-WI)

Price:  $1.199 million
Square Feet: 2,750
Bedrooms: 3
Bathrooms: 4

Average sale price for 2008 was $910,199 compared to $901,375 in 2007, however, there are several market factors that suggest a changing market. The average price per square foot is down this year to $325 from $369 in 2007. The overall sales volume is down 30 percent.  The Denver real estate market remains strong and has not seen a dramatic widespread price decrease experienced by some of its neighboring states.

Nat'l Assoc of Realtors Median Home Prices
2006: $249,500
2008: $219,300
(Includes Denver-Aurora, CO)

>> Replay Slideshow
>> The Best Jobs in America
>> America's Top Golf Communities