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Despite home values still being down more than 11 percent from their peak in 2007, home buyers are paying more money for less home than ever before.

At the height of the housing market the median $1 million home was 2,730 square feet. Today it is 2,629 square feet, down nearly 4 percent from 2007, according to a Zillow analysis. On a local level, this trend is playing out in 30 of the 50 largest U.S. metro areas.

Among the 50 largest metros analyzed by Zillow, million-dollar homes lost the most space in Providence, RI (-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, CA (14 percent).

Metros with largest declines in square footage
# U.S. Metro Sq. ft. lost since 2007 (%)
1 Providence, RI -20.7%
2 New Orleans, LA -18.7%
3 San Francisco, CA -13.6%
4 Salt Lake City, UT -12.9%
5 Boston, MA -12.0%
6 Pittsburgh, PA -11.2%
7 San Jose, CA -10.9%
8 New York, NY -10.6%
9 Tulsa, OK -10.3%
10 Honolulu, HI -9.3%

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.

Currently, about 2.4 percent of all homes in the U.S. are worth $1 million or more.

Metros where $1 million gets the least square footage
#
U.S. Metro Median size of homes valued at or near $1M (square feet) Share of homes valued at or above $1M
1 San Jose, CA 1,791 32.8%
2 San Francisco, CA 1,800 23.0%
3 Honolulu, HI 1,886 12.0%
4 Los Angeles, CA 2,206 13.9%
5 New York, NY-NJ 2,288 9.1%
6 Providence, RI 2,480 1.6%
7 San Diego, CA 2,730 9.1%
8 Boston, MA 2,801 4.9%
9 Washington, DC 2,872 4.5%
10 Miami-Fort Lauderdale, FL 2,894 3.4%

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
# U.S. Metro Median size of homes valued at or near $1M (square feet) Share of homes valued at or above $1M
1 Indianapolis, IN 6,308 0.4%
2 Memphis, TN 6,069 0.3%
3 Cleveland, OH 5,225 0.2%
4 Oklahoma City, OK 5,166 0.3%
5 Tulsa, OK 5,165 0.3%
6 Nashville, TN 5,123 1.2%
7 Raleigh, NC 4,922 0.8%
8 Louisville-Jefferson County, KY 4,897 0.3%
9 Pittsburgh, PA 4,816 0.2%
10 Richmond, VA 4,740 0.5%

 

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® 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 by looking at homes with a Zestimate between $950,000 and $1,050,000.

 1Million_Map_Zillow_Aug2014_a_10

About the Author

Camille writes about housing trends for the Zillow Blog.

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