Where a Million Dollars Gets You the Most Home for Your Money in the U.S.: Report

A million dollars is a lot of money by most metrics, but it takes on a different meaning when it comes to the luxury real estate market in the U.S.; where you shop makes a monumental difference when it comes to how much space your million dollars will buy. A seven-figure budget can stretch to a sprawling estate with room to spread out in some cities, while the same sum barely buys a pint-sized pied-à-terre in others.

Take Atlanta, for example. According to Realtor.com’s latest Luxury Housing Report, buyers with a $1–$2 million budget can stretch their money to more than 4,500 square feet of living space—roughly 50 percent larger than the national median of 2,994 square feet. That works out to about $301 per square foot, the lowest among major U.S. metros, earning Atlanta the unofficial title as the capital for buyers who prioritize square footage.

Other landlocked cities aren’t far behind. Denver, Minneapolis, Houston, and Dallas all offer homes with more than 4,000 square feet for the same $1–$2 million budget. “Luxury buyers are increasingly seeking value—and that doesn’t always mean a lower price tag, but rather more home for the money,” said Realtor.com senior economist Anthony Smith. “By contrast, in inland metros across the South and Midwest, high-end buyers can often find larger, newer homes with land and amenities that would cost two or three times as much in more supply-constrained coastal metros.”

To Smith’s point, the nation’s coastal cities tell a very different story. There, prestige locations and views often come at the expense of square footage. Honolulu tops the list of tightest quarters, where $1-2 million buys a median-size home of 1,651 square feet—just a third of what it buys in Atlanta—at a staggering $827 per square foot. California’s priciest markets follow closely: San Jose, San Francisco, and Los Angeles all offer median sizes under 2,000 square feet for the same $1–$2 million range. In New York State, $1-2 million gets you just over 2,000 square feet. 

The good news for move-up buyers is that the entry point for luxury homes nationally is also easing slightly. The 90th percentile of listing prices—Realtor.com’s definition of the threshold for luxury—fell half a percent from August and 2.4 percent year over year, landing at $1.24 million in September, while the high-end tier, at the 95th percentile, dropped 1.2 percent to $1.95 million, and the ultra-luxury 99th percentile edged down just one-fifth of a percent to $5.41 million.

Even as prices ease, however, luxury homes are sitting on the market longer than average-priced homes. Median days on market for 90th percentile listings were 79 in September, while ultra-luxury homes can spend more than 100 days before selling. Cash purchases remain concentrated at the top and the bottom of the market, with more than half of homes priced $2–$5 million purchased without a mortgage.

In today’s luxury market, a million dollars can buy a mansion or a studio apartment—and which one depends almost entirely on the zip code. For those who seek “more house for their money,” the choice is clear: inland metros deliver newer construction, more square footage, and more land, while coastal cities trade size for prized scenery, proximity to financial and cultural centers, and the kind of real estate cachet that only scarcity can bring.

Here’s where you’ll get the most space for $1 million: