$1 million is still a pretty decent sum of money to have in today’s real estate market. That being said, the kind of home you can purchase with $1 million depends on the type of city that you would like to reside in across the country.
For example, chief economist Danielle Hale says that if a buyer’s ideal price is around $1 million, and they happen to be looking for space either in San Francisco or Los Angeles, they have a higher chance of purchasing more square footage for that amount in Los Angeles.
Los Angeles
Focusing on Los Angeles, the most ideal place to look at with that kind of money is Burbank, where you can get the value of that million. For example, if you can add an additional $99 to that 1 million, you can get a neat 3,600 square foot home in Burbank Hills, having your own canyon views as well as a terraced backyard.
San Francisco
In San Francisco, however, the situation is entirely different. As a matter of fact, even if you’re making a six-figure salary, it can be pretty difficult to find a great home worth $1 million if we’re analyzing in terms of space.
Indeed, $1 million will enable you to purchase roughly 1600 square feet. Comparing with last year’s distribution, that’s roughly 19% less than what was available.
This means that price per foot has climbed to $618, a 22% increase from what was there last year.
That being said, Realtor.com does provide some relief for buyers interested in purchasing homes in the Washington D.C. and Chicago markets. In fact, buyers can get nearly twice the square footage in these areas when the same price is compared to footage in San Francisco.
Additionally, according to Zillow, the price of a median home is San Francisco is roughly $1.366 million.
Washington DC
However, areas such as Seattle have received a boost in real estate thanks to investment from tech firms such as Google and Facebook
Analyzing the market in Washington DC, buyers can get much larger houses with that $1 million price range.
In fact, stats from Realtor.com reveal that more than half the homes that are in the $1 million price range surpass 4300 square feet in terms of size.
Moreover, they average 4.5 bathrooms and 4.6 bedrooms.
According to the senior vice president of Compass, Mr. Koki Adasi, there are quite a number of good housing options available in the region.
Additionally, he says that individuals in the North Arlington area in Virginia can purchase homes in good condition in close proximity to shopping malls and schools.
As for Atlanta, Certified Luxury Home Marketing Specialist Lisa Harris says that people living in Atlanta are fortunate enough to have a strong and vibrant economy, whereby the median price of a luxury home can be around $950,000.
Boston
As for Boston, the market is also vibrant as well, with buyers being enticed by open houses.
In fact, the area receiving the most interest in Boston is Seaport. However, luxury condominiums there are pretty expensive, with broke associate even having to tell one of his clients that he could not find a one-bedroom in the area worth a million with parking!
The alternative option is to purchase a 950 square feet luxury condo with a decent water view at the Fan Pier for roughly about $1.25 million.
Manhattan
Looking at Manhattan, realtor Lisa Larson has confirmed that despite Manhattan’s notoriety of being particularly expensive when it comes to space, the market has seen a softening trend lately.
Analyzing the city, $1 million can get you a decent 2000 square foot home.
However, data collected by a real estate firm Neighborhood X shows that some of the prized real-estate snatches in some major cities are comparable to the price of average properties in Manhattan.
In fact, data showed that the average prices per square feet for some of the top cities were $1053 in Portland, $1708 in Denver, $1643 in Philadelphia and of course, $1773 in Manhattan.
Areas like Manhattan have seen a steady decline in the price of real-estate homes
Seattle
As for Seattle which has been receiving a rapid increase in demand, managing broker John Manning comments that it was not long ago that a majority of the houses that played about the $1 million price range played in only specific neighborhoods such as Laurelhurst and Queen Anne.
However, ever since the likes of technology companies such as Facebook, Amazon anf Google began concentrating their workforce in such areas, $1 million dollar homes have been springing up in just about every region of the city.