The housing market has been through some changes over the past five years. For one, home values have risen 45.3 percent since February 2020. That’s more than 10 years of typical price growth in half the time. Naturally, that’s had big impact on how much house you can buy for your money. Even $1 million doesn’t go as far as it did only a few years ago. So what can you buy for $1 million today? Well, one new analysis looked at the data. It found the typical million-dollar home is about 70 square feet smaller than it was in 2020. They still have four bedrooms and three baths but, at 2,388 square feet, million-dollar homes are smaller. In some locations, significantly so. For example, in Indianapolis, Hartford, and Nashville, the typical million-dollar house is more than 1,000 square feet smaller than it was just five years ago. But while the houses have gotten smaller, the number of them has grown. There are now 989,000 more homes worth $1 million or more than there were before the pandemic. (source)
