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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

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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
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