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.)