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Million Dollar Homes Across America: Then and Now

Million Dollar Home Comparisons

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. With the real estate market being so tumultuous over the past several years, the question of 'when' you're looking to buy is almost as important.CNBC has canvassed 19 real estate markets around the country, from New York City and Los Angeles to Omaha and Anchorage to get a picture of how diverse local real estate markets across the country really are, and
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

Phoenix, Arizona

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

Phoenix, Arizona

Price: $1,100,000Interior: 5,001 sq ftLot Size: 32,407 sq ft5 Bedrooms, 4 BathroomsIn 2007, Phoenix saw homes stay on the market for 120 days before selling, increasing to 180 days in 2009. In mid-range to upper-end properties, realtors estimate distressed sales and excess inventories to clear within 12 months as supply and demand to comes back into balance and prices return to their pre-bubble levels.2009 Q2: $131,1002007: $257,400Change: -49.1%
Listing and Photos Provided By: Keller Williams Realty Sonoran Living

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%

Atlanta, Georgia

Price: $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 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

Atlanta, Georgia

Price: $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 being short sales and foreclosures, with most clients being first-time buyers.2009 Q2: $121,4002007: $172,000Change: -29.5%
Listing and Photos Provided By: Vawter Vision Group

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%

New York, New York

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

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

New York, New York

Price: $1.1 millionInterior: 1,000 sq ft2 Bedrooms, 2 BathroomsCompared to 2007, this year the average time a property will be on the market has doubled from 90 days to 180 days. According to realtors in the area, activity in New York has "picked up after coming to a screeching halt," with much activity from first time buyers and resold homes, instead of new constructions.2009 Q2: $379,8002007: $469,700Change: -19.2%
Listing and Photos Provided By: Gumley Haft Kleier, Inc.

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

Anchorage, Alaska

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

Anchorage, Alaska

Price: $1,100,000Interior: 6,190 sq ftLot Size: 48,021 sq ft5 Bedrooms, 4.5 BathroomsIn 2007, residential properties in Anchorage remained on the market for an average 75 days, while in 2009 the average time has grown marginally to 85 days. Despite this small increase, realtors in the area report a lagging market and report most clients as first time buyers.*This information is not tracked by the Nat'l Association of Realtors
Listing and Photos Provided By: Real Estate Brokers of Alaska

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

Portland, Oregon

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

Portland, Oregon

Price: $1,150,000Interior: 3,875 sq ftLot Size: 11,800 sq ft4 Bedrooms, 4 BathroomsIn 2007 the Portland market saw a 6 month average market time, which has risen to 7-8 months in 2009, although this is off a 12 month supply seen in the area in March as many sellers have pulled their homes off the market to wait for a better time to sell. Homes in lower price ranges (under $450,000) have stabilized, while the high-end market has seen a tougher time, with competitively priced homes selling at 2004
Listing and Photos Provided By: The Hasson Company Realtors

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%

Charlotte, North Carolina

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

Charlotte, North Carolina

Price: $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 downpayment requirements imposed on jumbo loans. Activity in the area has increased specifically for homes priced under $500,000, according to local realtors.2009 Q2: $199,7002007: $204,300Change: -2.3%
Listing and Photos Provided By: Cottingham-Chalk/Bissell-Hayes, Realtors

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%

Chicago, Illinois

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

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

Chicago, Illinois

Price: $1,089,000Interior: 1,902 sq ft2 Bedrooms, 2.5 BathroomsFor Chicago's high-end real estate market, 2007 saw an average market time of 6 days, while the number increased to 53 in 2009. However, despite this increase, 2009 properties have sold in as little as 1 day.2009 Q2: $204,3002007: $245,600Change: -16.9%
Listing and Photos Provided By: Baird & Warner

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%

Las Vegas, Nevada

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

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

Las Vegas, Nevada

Price: $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, while in 2009 homes in this price range remain on the market for an average of 264 days. Despite the area's major real estate troubles, realtors remain optimistic for the future, seeing relocation to Las Vegas outpacing the exit rate by 5:3, with both retirees and first-time buyers taking advantage of the current market.2009
Listing and Photos Provided By: Windermere Prestige Properties

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%

New Orleans, Louisiana

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

New Orleans, Louisiana

Price: $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 before being sold, dropping slightly 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 compared to the market's high prior to Hurricane Katrina in 2006.2009 Q2: $165,8002007: $160,300Change: +3.4%
Listing and Photos Provided By: Prudential Gardner, Realtors

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%

Boston, Massachusetts

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

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

Boston, Massachusetts

Price: $1,050,000Interior: 2,655 sq ftLot Size: 1,280 sq ft4 Bedrooms, 2 Bathrooms, 2 HalfAverage time on the market for the Boston area has shifted slightly, from an average of 97 days in 2007 to 103 days in 2009. Realtors in the area see strengthening activity in the Boston area, with increased activity for first time home buyers due in part to the government tax credit. 2009 Q2: $336,1002007: $395,600Change: -15.1%
Listing and Photos Provided By: Coldwell Banker Residential Brokerage // MLSPIN

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%

Honolulu, Hawaii

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

Honolulu, Hawaii

Price: $1,075,000Interior: 3,184 sq ftLot Size: 7,250 sq ft4 Bedrooms, 3.5 BathroomsIn 2007, a home would remain on the market for approximately 44 days, while in 2009 that number has increased slightly to 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.2009 Q2: $569,5002007: $643,500Difference: -12.5%
Listing and Photos Provided By: Coldwell Banker Pacific Properties

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%

Omaha, Nebraska

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

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

Omaha, Nebraska

Price: $1,000,000Interior: 6,724 sq ftLot Size: 13 Acres5 Bedrooms, 6 BathroomsAccording to realtors in the area, the average home's market time in 2007 was 68 days, while in 2009 the market time has actually dropped to 59 days. Inventories are up almost 23% compared year-over-year with 2007. In Omaha, the most expensive property sold so far in 2009 was for $1,000,000.2009 Q2: $134,9002007: $138,000Change: -2.3%
Listing and Photos Provided By: Prudential Ambassador Real Estate

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%

San Francisco, California

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

San Francisco, California

Price: $1,100,000Interior: 1,520 sq ftLot Size: 2,500 sq ft3 Bedrooms, 3 BathroomsIn 2007, a median priced home remained on the market an average of 26 days before being sold, while in 2009 the average home will remain on the market for 40 days. Realtors report activity picking up in the area, however, with a majority being first-time buyers. 2009 Q2: $472,9002007: $804,800Change: -41.3%
Listing and Photos Provided By: Coldwell Banker Residential Brokerage

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%

Houston, Texas

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

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

Houston, Texas

Price: $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, while in 2009 the average home is on the market for 88-102 days prior to selling. The Houston local market is headed toward stability, with home prices on the rise and an extra boost from seasonal summer home buying, according to realtors in the area.2009 Q2: $157,4002007: $152,500Change: +3.2%
Listing and Photos Provided By: John Daugherty Realtors

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%

Denver, Colorado

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

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

Denver, Colorado

Price: $1,099,950Lot Size: 3,184 sq ft5 Bedrooms, 5 BathroomsIn 2007 the Denver market saw homes stay on the market for an average of 95 days, a number that has grown to 227 days in 2007. The market may have hit a bottom, however, as realtors in the area report demand and sales rebounding, specifically in homes under $200,000 although high-end housing continues to lag, expecting gradual improvements over the next 18 months.2009 Q2: $223,7002007: $245,400Change: -8.9%
Listing and Photos Provided By: Exit One Realty

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%

Seattle, Washington

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

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

Seattle, Washington

Price: $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, with realtors in Seattle seeing the market no as significantly hit as the rest of the country, despite a reported drop of 10-20% in prices across the board.2009 Q2: $328,4002007: $386,900Change: -15.2%
Listing and Photos Provided By: Coldwell Banker Danforth

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%

Cleveland, Ohio

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

Cleveland, Ohio

Price: $826,000 (Orig listed at $1m)Interior: 5,989 sq ftLot Size: 8,247 sq ft6 Bedrooms, 5.5 BathroomsFor 2007, Cleveland realtors estimate that homes remained on the market for an average of 98 days, while in 2009 this number has climbed to 209 days. This extended period of time is due to an increased inventory and a lack of urgency to make an offer.2009 Q2: $106,0002007: $130,000Change: -18.5%
Listing and Photos Provided By: Howard Hanna Real Estate Services

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%

Los Angeles, California

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

Los Angeles, California

Price: $1,080,000Interior: 2,986 sq ftLot Size: 17,920 sq ft4 Bedrooms, 2 BathroomsRealtors in the area report that the average home would remain on the market for 11 days in 2007, compared to 205 in 2009. However, they also see activity picking up in the west side of the city, with single family home sales increasing 5.1% year over year. In Los Angeles, sellers are coming down on asking prices, interest rates are low and most buyers that have been on the sidelines are now beginning to buy. Real
Listing and Photos Provided By: Keller Williams Beverly Hills Realty

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%

Philadelphia, Pennsylvania

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

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

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Price: $1,030,000Interior: 2,712Lot Size: N/A4 Bedrooms, 2 BathroomsIn the million dollar range, real estate in Philadelphia saw an average of 104 days on the market prior to selling, compared to 166 in 2009. Realtors report a "huge influx" of first time buyers as a result of the recent government tax credit which has contributed to an overall drop in Philadelphia's inventory, a positive sign, which is down 15.4% since 2007.2009 Q2: $211,0002007: $234,900Change: -10.1%
Listing and Photos Provided By: Coldwell Banker Preferred

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%