Regional disparities evident in housing options for $1 million

House hunters with a budget of $1 million can expect to find varying property options across different regions in the United States, with the Midwest offering significantly more value for money. According to Joel Berner, a senior economist at Realtor.com, "affordability at lower price points is much better in the Midwest than in other regions, so $1 million is much more of a luxury level there than in the others."

In the Midwest, buyers can expect properties with four bedrooms and approximately 3,534 square feet on half-acre lots. The median price per square foot here is under $280, nearly 65% less than in the Northeast. New construction homes make up almost 30% of this market segment and offer larger square footage and more bedrooms compared to other regions.

A listing example from Washington Township, Michigan, features a new-construction home priced at $999,000. It includes 3,400 square feet with four bedrooms and highlights like a gas fireplace and prefinished hardwood flooring.

The Northeast offers less space for a similar budget. Properties typically have about three bedrooms over 2,308 square feet on larger lots than those found in the West or South. Notably, condominiums and co-ops form over one-third of this price segment.

An example from Middletown, Rhode Island lists a single-family home built in 1950 for $1 million. The house has three bedrooms over 2,250 square feet and offers ocean views from its corner lot location.

In the South, homes are slightly smaller than those in the Midwest but still provide considerable value compared to Northern states. Properties generally have three to four bedrooms spread across roughly 2,845 square feet on smaller lots of about 0.34 acres.

For instance, Cape Coral in Florida lists a luxury model home at $999,000 featuring an open floor plan with four bedrooms and hurricane-impact windows due to its location.

The Western region provides somewhat bigger homes than those found in the Northeast but still falls short when compared to what’s available further inland. A typical listing has three to four bedrooms within approximately 2,441 square feet on quarter-acre lots.

Claremont in California showcases such listings; one priced at $1 million includes four bedrooms along with amenities like upgraded bathrooms and outdoor spaces featuring pools or spas.