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Which U.S. markets offer luxury buyers the most space for the smallest amount of money? Here’s an unsurprising hint: they aren’t along the coasts.
Markets in the South and the middle of the country had the highest median square footage for homes in the $1 million to $2 million price point, according to a September report from listings platform Realtor.com. Those parts of the country not only have more space but also tout newer properties with top-tier amenities.
The Atlanta, Georgia metropolitan area ranked first, as homes in that price range had the largest median square footage of 4,530. The median price per square foot for those homes was $301.
Nationally, the typical home in the $1 million to $2 million range is 2,994 square feet, about two-thirds the size of the median luxe home in Atlanta.
Rounding out the top five were the Denver, Minneapolis, Houston and Dallas metro regions. In all but one of those markets, Denver, the top 10 percent of the most expensive listings have a starting point of under $1 million.
Meanwhile, the markets that offered the least amount of square footage for homes priced between $1 million and $2 million were on opposite ends of the country.
Honolulu, Hawai’i, had the lowest median square footage for homes in that range, of 1,651. San Jose, San Francisco, Los Angeles and New York followed.
In those markets, however, $1 million isn’t considered the start of the luxury segment. For instance, the top 10 percent of the most expensive listings in Honolulu start at $1.2 million. In Los Angeles, it’s just under $4 million.
While buyers’ markets are taking hold across much of the country, certain luxury segments continue to see high demand. Manhattan’s luxury market, for instance, is gearing up for a busy fall season. South Florida brokers also have noted that luxury and ultra-luxury buyers are looking for property in the region, though lower-price-point properties are not faring as well.
Overall, the time high-priced homes are spending on the market rose in September, spending a median of 79 days waiting for buyers, five days longer than last year, according to Realtor.com. The national benchmark for the top 10 percent of properties also fell by 2.4 percent year over year to about $1.2 million.