Where $1 Million Buys the Most and Least Real Estate in U.S.

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By Camille Salama

A million bucks certainly doesn't get you what it used to. While there are more million-dollar homes than ever before, $1 million buys you a lot less home these days than it did in the past.

As home values continue to surge across the country, more homes are topping the million-dollar mark. Currently, about 2.4 percent of all homes in the U.S. are worth $1 million or more, according to a Zillow%VIRTUAL-pullquote-in San Jose, a million bucks gets you 1,791 square feet. Compare that to Indianapolis, where $1 million affords you a whopping 6,308-square-foot home.% analysis. But the median size of a million-dollar home today is just 2,629 square feet, down nearly 4 percent from 2,730 square feet in 2007, a trend that is playing out in 30 of the top 50 metros analyzed by Zillow.

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

The size of a "typical" million-dollar home varies drastically from market to market. For example, in San Jose, a million bucks gets you 1,791 square feet. Compare that to Indianapolis, where $1 million affords you a whopping 6,308-square-foot home. Only six metro areas had a median square footage among million-dollar-plus homes that was smaller than the nation as a whole.

Metros where $1 million gets the least square footage:

least square footage metros

One million dollars goes furthest in the Midwest and South, though these regions have a smaller share of million-dollar homes to choose from.

Metros where $1 million gets the most square footage:

most square footage metros

For additional data on the full list of metros and states Zillow analyzed, please contact press@zillow.com.

Methodology: Zillow calculated the count of million-dollar homes as defined by the total number of single-family homes, condo and co-ops with a Zestimate® home value over $1 million at three points in time: the national height of the bubble (2007), the national trough (2011) and currently. Median square footage was calculated for homes valued at approximately $1 million, approximated by looking at homes with a Zestimate between $950,000 and $1,050,000.

1Million_Map_Zillow_Aug2014_a_10

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