Things at Ocwen just went from bad to much, much worse

Things at Ocwen just went from bad to much, much worse

Embattled company hit with an avalanche of bad news

Pending home sales surge to highest level in 18 months

Buyer demand boosts sales

Foreclosure: The Movie… (finally!) coming to a screen near you

In new film, neighborhood of foreclosed homes drives man insane
W S
Investments / The Ticker

What can you get for $1 million in housing these days?

It's not two houses at the same time or even a bigger house

money_squeeze
/ Print / Reprints /
| Share More
/ Text Size+

Home values are down 11% from their pre-meltdown peak in 2007, and $1 million doesn’t go nearly as far as it used to, according to Zillow’s (Z) number crunchers.

At the height of the housing market the median $1 million home was 2,730 square feet. Today it is 2,629 square feet, down nearly 4% from 2007, according to a Zillow analysis. On a local level, this trend is playing out in 30 of the 50 largest U.S. metro areas.

Among the 50 largest metros analyzed by Zillow, million-dollar homes lost the most space in Providence, RI (-20.7%), New Orleans (-18.7%) and San Francisco (-13.6%). The median size of million-dollar homes rose the most in Las Vegas (18.3%), Orlando (16.9%) and Fresno, CA (14%).

Some other highlights from their findings include:

  • Currently, about 2.4% of all homes in the U.S. are worth $1 million or more.
  • The median size of a million dollar home today is just 2,629 square feet, down 4% from 2,730 square feet in 2007.
  • Among the 50 largest metros analyzed by Zillow, the median size of million-dollar homes rose the most in Las Vegas (18.3%) and dropped the most in Providence, RI (-20.7%).
  • The size of a “typical” million-dollar home is the smallest in San Jose (1,791 sq. ft.) and is the largest in Indianapolis (6,308 sq. ft.)
Source: Zillow
Read full story

Recent Articles by Trey Garrison

Comments powered by Disqus