A new study by Zillow Research reveals which metros will leave more empty space in your wallet than in your home. The share of single-family homes that sold for $1 million or more increased from 2.7% in 2019 to 6.4% in the spring of 2022. Zillow’s study looked at the median square footage, number of bedrooms and number of bathrooms of million-dollar homes. Overall, that price tag buys you less than it did in 2019.
We’ve ranked the median million-dollar home in 15 metros from least expensive per square foot to most expensive. Read more below.
Hartford, CT — If space is what you’re seeking, consider this Connecticut metro. It offers the best price per square foot ($205) on the median million-dollar home. You’ll likely get four bedrooms, four and a quarter baths, and 4,872 square feet.
Cincinnati, OH — Cincinnati is home to the Reds and the Bengals, but not that many $1 million-plus homes. In 2022, only 1% of sales crossed into seven figures. The ones that did typically had four bedrooms, four and a half baths, and 4,514 square feet.
Atlanta, GA — If you’re looking for a bit more space, consider the Atlanta metro. You’ll typically get four and a half bathrooms, five bedrooms and 4,130 square feet to call home. That’s a thrifty $242 per square foot.
Minneapolis–St. Paul, MN — The Minneapolis metro was one of the only areas where the price for space decreased in a seven-figure home. Your typical four-bedroom, two-and-a-half-bath, 3,797-square-foot million-dollar home averages $263 per square foot.
Dallas–Fort Worth, TX — If you’re looking for space, consider the Dallas area. A $1 million price tag will get you four bedrooms, four bathrooms and 3,818 square feet of space, making Dallas–Fort Worth the location with one of the largest median million-dollar homes on our list.
Detroit, MI — Seven-figure home sales account for 1.2% of all sales in the Detroit metro area. The median million-dollar home has a typical square footage of 3,700, along with four bedrooms and four bathrooms.
Philadelphia, PA — In Philly, at a price of $285 per square foot, you will land 3,510 square feet in a median million-dollar home. You’ll also typically be able to expect four bedrooms and three and a half baths.
Chicago, IL — Looking to stretch your legs a bit? Consider the Chicago area. For $1 million, you’ll get the same number of bedrooms as you would in New York City — four — but Chicago’s median million-dollar home will come with three and a half bathrooms and 3,375 square feet of living space.
Austin, TX — Austin, which saw the highest home value appreciation among major metros since 2019, also recorded one of the largest drops in square footage (808) for a million-dollar home. Now, in 2022, you can expect four bedrooms, three bathrooms and 2,930 square feet of space. Less square footage isn’t stopping people from wanting these homes even more. Sales of $1 million-plus homes were up 220% from 2019 to 2022.
Boston, MA — In Boston, the median million-dollar home will get you four bedrooms, two and half bathrooms, and 2,745 square feet of living space. The market for pricey homes has seen a drop in the past three years, descending 32% from 2019 to 2022.
New York, NY — Unsurprisingly, life in the Big Apple comes with a big price tag. Seven-figure home listings account for 9.4% of all sales in the NYC metro. The median listing has four bedrooms, three bathrooms and 2,500 square feet of living space.
Seattle, WA — Seattle is on the lower end of the list for the number of bathrooms, at two in a median seven-figure home. More than a quarter of the homes sold in the tech metro go for $1 million or more.
San Francisco, CA — In 2022, 62% of San Francisco metro sales closed at $1 million or more. Quite the feat, considering the median million-dollar home gets you three bedrooms, two bathrooms and a modest 1,636 square feet of space.
Key West, FL — For $644 a square foot, you can own a million-dollar Key West home, though you’ll probably have just three bedrooms and two bathrooms.
Urban Honolulu, HI — If you’re looking for room, you may want to give this Hawaiian metro a pass. Its median seven-figure home came in toward the low end for space at 1,523 square feet, typically with three bedrooms and two bathrooms. That’s a hefty $657 per square foot.
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