CNBC recently ran an interesting story about million dollar homes across America and what buyers can expect to get for their money. You’ll find that the answer really varies greatly from place to place, and that some locations seem to have been affected by the mortgage meltdown more than others.
In San Francisco, California, million dollar homes include approximately 1,177 square feet of living space, with two bedrooms and one bathroom. According to Coldwell Banker Realtor Rick Turley, “San Francisco’s real estate market remains one of the strongest in Northern California and has changed little over the past two years.” The duration of time these million dollar homes sit on the market has increased a little, but the demand for housing has kept prices high. According to the National Association of Realtors, the median home price in San Francisco / Oakland / Fremont is $538,100.
Meanwhile, million dollar homes in Seattle, Washington will get you a little more space – 2,774 square feet, with two bedrooms and 2.5 bathrooms. Like San Francisco, home values have held pretty steady because the city is such a beacon for new residents. Foreclosures resulted in housing prices decreasing 10-20% since 2006. Currently, the median price of Seattle / Tacoma / Bellevue, Washington homes is $321,500.
The million dollar homes of Portland, Oregon offer around 4,875 square feet of space with five bedrooms and four bathrooms, which is a very good buy. The median sales price is $244,500, according to the National Association of Realtors, with a 12.2% decline since 2006. Local realtor Dana Griggs explains, “The sellers just renovated it and I believe it would have sold for the same amount of money two years ago. The main difference between today’s million dollar market and that of two years ago is the time on the market. This home would have sold in 30 to 60 days before. Now it will take between 90 and 120 days.”