If you’ve ever wondered how far $1 million will stretch in today’s housing market, the answer depends heavily on your zip code. A new report from Realtor.com reveals just how much square footage buyers can expect in major U.S. cities—and the difference is staggering.
Where You’ll Get the Most Home for Your Money
Luxury buyers seeking value are finding it across the South and Midwest, where land is plentiful and homes are larger and newer. The Atlanta metro area tops the list, with a median home size of 4,530 square feet for properties priced between $1 million and $2 million. That works out to about $301 per square foot, nearly half the cost of coastal markets.
Other metros offering plenty of space for a similar budget include:
Denver: 4,272 square feet at $325 per square foot
Minneapolis: 4,162 square feet at $337 per square foot
Houston: 4,112 square feet at $348 per square foot
Dallas: 4,072 square feet at $340 per square foot
According to Realtor.com’s senior economist Anthony Smith, “Luxury buyers are increasingly seeking value—and that doesn’t always mean a lower price tag, but rather more home for the money.”
Where $1 Million Buys Less Than You’d Expect
On the flip side, buyers hoping to snag a million-dollar property on the coast are getting much less space. Honolulu offers the least square footage for the price, with a median of 1,651 square feet—or a whopping $827 per square foot.
California’s coastal markets follow close behind:
San Jose: 1,688 sq. ft. at $871 per square foot
San Francisco: 1,855 sq. ft. at $771 per square foot
Los Angeles: 1,987 sq. ft. at $710 per square foot
New York City: 2,048 sq. ft. at $693 per square foot
“In markets like Honolulu or the Bay Area, buyers are paying for proximity, views, and prestige—not square footage,” Smith added.
A Market in Transition
The study also points to a broader cooling in the luxury home segment. The entry point for luxury listings—defined as the 90th percentile of prices—fell to $1.24 million in September, down slightly both monthly and annually. Even at the highest tiers, prices have softened modestly: homes in the 95th percentile dipped to $1.95 million, and those in the 99th percentile slid to $5.41 million.
Danielle Hale, Realtor.com’s chief economist, described it as “a healthy rebalancing after years of volatility,” noting that both buyers and sellers are adjusting expectations in response to broader economic trends.
The Bottom Line
Whether you’re shopping in Atlanta or Los Angeles, this report underscores one simple truth: a million dollars doesn’t mean the same thing everywhere. For buyers seeking space, value, and lifestyle, heading inland could stretch your budget significantly further than the coasts.