What does $1 million buy you in a house? In some markets where the median price for a home is low, it could buy you a large property with lots of bells and whistles. In other markets, where the median home price is $1 million or more, you may have to be satisfied with something more along the lines of a modest apartment that offers little more than the basics.
Redfin offers some examples of what the house hunter with $1 million in the bank might find in different metros. The national median price for a home in the U.S. is $441,000. But in some, like San Francisco, where the median price of a house is $1.6 million, million-dollar homes are no longer just for the ultrawealthy. Indeed, there are only seven metros left in the U.S. where you can buy a luxury home for less than $1 million, according to Redfin.
In Alexandria, VA, which hosts a median sales price of $715,000, a Colonial listed for $999,000 offers three beds, two baths, and 1,806 square feet on a quarter-acre. In Aurora, IL (median price $345,000), the same price will fetch you a 9,150 square foot former barn “overlooking gorgeous farmland.” Or you could locate in Grand Rapids, MI (median $365,000) in a 4,300 square foot home with five beds and 3.5 baths for the same price.
For only slightly less, you might choose a $995,000, 1,400 square foot house in Fort Lauderdale, FL, equipped with a pool, three beds, two baths and an outdoor entertainment area.
And in Alpharetta, GA (median price $426,250), a fast-growing outlying suburb of Atlanta, you could spend $980,000 on a four-bed, 3.5 bath end-unit townhome with 2,640 square feet. Alternatively, consider a preserved 1901 brick bungalow in Denver, CO (median price $611,500), which offers three bedrooms and two bathrooms in 1,822 square feet.
Here is what $949,000 could buy in different metros. In Austin, TX (median of $557,500), where prices have fallen in recent years, you could get a four-bed, 3.5-bath home with 3,700 square feet, including a “spa-like" primary suite, office, media room, and three-car garage backed by a greenbelt. In Cambridge, MA (average of $1.29 million), a 1,250 square foot condo with elevator access and polished concrete floors could be yours. In Charleston, SC (median price of $610,000), you could settle into a 2,400 square foot home with three bedrooms and 2.5 baths.
And in Baltimore (median price $243,000), where “$1 million can buy more than three median-priced homes,” you could select a $950,000 post-and-beam house with 3,262 square feet, floor-to-ceiling glass and many decks on a wooded acre.
“The number of American houses worth $1 million is at an all-time high, as home prices continue to hit new records,” Redfin commented. “It’s a reflection of how dramatically home prices have risen, especially in coastal markets where million-dollar listings have become the norm rather than the exception.”
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