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depends on where You are in Americaa million-dollar Home could see Very different.
realtor.com recently shared its September Luxury Housing Report, detailing which US cities will get you the most space on a $1 million to $2 million budget.
The research found that nationally, homes in this price range offer an average of 2,994 square feet. However, in some markets, this figure extends much further. In Atlanta, Georgia, buyers can expect about 4,500 square feet at the same price, making it the best-value metro area in the country.
Colorado’s three cities, Denver, Aurora and Centennial, offer an average of 4,272 square feet in the same budget, while popular Texas locations like Houston, Dallas and Fort Worth also have average listings over 4,000 square feet.
In contrast, many coastal hotspots offer significantly less space. In urban Honolulu, Hawaii, homes priced between $1 million and $2 million average only 1,651 square feet — about one-third the amount of a home that can be purchased for the same budget in Atlanta.
Similarly, three California cities – San Jose, Sunnyvale and Santa Clara – tied for second top spot for “lowest square footage for the money,” Reator.com reports, with an average of just 1,688 square feet.
You can expect a little more space in San Francisco, Oakland, and Los Angeles, where an average of about 2,000 square feet is offered within that price range.
Not surprisingly, three East Coast cities – New York, Newark and Jersey City – also rank among those offering the least amount of space for the money. In these areas, homes were only 2,048 square feet on average.
The report also found that the national luxury threshold – the benchmark that defines the entry point into the luxury market – fell to $1.24 million in September. This represents a decline of 0.5 percent from August and a decline of 2.4 percent year on year.
Still, the rankings revealed that one region continues to lead the country’s luxury market: California’s Santa Maria and Santa Barbara areas.
As Realtor.com reports, both cities “have experienced substantial growth in the luxury segment over the past 12 months, with the number of million-dollar listings increasing by 17.4 percent.” The average listing price of homes in this area is approximately $1.9 million, which is “well above the typical luxury listing nationally.”
Heber, Utah, meanwhile, comes in at second place as the nation’s top luxury market. Most luxury in the Heber micropolitan area often takes the form of “spacious ranch properties, ski-in homes, and private retreats.”