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What Does $1 Million Buy Today?

How much can you get for $1 million in today’s real estate market? The answer, of course, varies depending on where you’re looking to buy.

In the wake of the U.S. housing crisis, consumer confidence and home values fell sharply, while prices in some cities are less than half of what they were in 2007. In many local markets, however, such as in New York; San Francisco; Anchorage, Alaska; and Omaha, Neb., people on the front lines are optimistic about a recovery in sales volumes, prices and buyer confidence.

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 it may fetch a more moderate home. Although in most markets, homes in the $1 million range are not typical, they provide a good reference point for spending across the country as well as the health of local economies.

CNBC.com surveyed real estate agents in 18 U.S. cities to gain individual perspectives on the health of America’s local real estate markets. The following slides include example homes from each market valued between $1 million and $1.25 million that are either currently for sale or recently sold. The participants in the survey offered a front-line perspective on how local markets are performing compared to last year, how the dynamics are changing, and what buyers and sellers are asking when buying a home.

So, how far can $1 million go in today’s real estate market? Click ahead to find out!

By Paul ToscanoPosted 29 May 2012

Photo: Diane Macdonald | Photographer's Choice | Getty Images