$1 Million Homes Have Grown in Number, Shrunk in Size Since the Start of the Pandemic
The biggest $1 million homes are in Indianapolis, while the smallest are in California
Skyrocketing home values during the COVID-19 pandemic created nearly a million new homes worth $1 million or more. There are now just under 1,650,000 homes worth at least $1 million, about 989,000 more than when the pandemic started.
The typical $1 million home in the U.S. still boasts four bedrooms and three bathrooms — same as in 2020 — but it’s now 2,388 square feet, about 70 square feet smaller than it was five years ago.
The number of $1 million homes more than quadrupled over the past five years in nine major U.S. metro areas, and they quintupled in Riverside (5.7x) and Richmond (5.2x). San Jose and San Francisco — where the typical home is worth well above $1 million — are the only two metros where there are now fewer $1 million homes.
The typical $1 million home in the Indianapolis metro has shrunk more than in any other major metro area, losing more than 1,500 square feet since 2020. Despite this, the typical $1 million home in Indianapolis remains bigger than in any other major metro at 5,042 square feet. Memphis is the only other metro where the typical home is above 5,000 square feet (5,026), while the typical $1 million homes in Birmingham (4,590), Cleveland (4,536), Louisville (4,377), Oklahoma City (4,277) and Buffalo (4,135) are bigger than 4,000 square feet.
The smallest $1 million homes are in California. The typical $1 million home in San Jose is 1,263 square feet, the smallest of any major metro, with San Francisco (1,409 square feet for the typical $1 million home), Los Angeles (1,626) and San Diego (1,759) the next smallest. No other major metro has a typical $1 million home smaller than 2,000 square feet.
In addition to Indianapolis, the typical $1 million home also lost more than 1,000 square feet in Hartford (-1,291 square feet) and Nashville (-1,027). Buffalo (-999) and Raleigh (-996) just missed that bar.
Eight metros lost a full bedroom off their typical $1 million homes: Los Angeles, Seattle, San Diego, Baltimore, Indianapolis, Virginia Beach, Raleigh and Buffalo. Ten metros lost a full bathroom, while an additional 21 lost at least half a bathroom.
