They say everything’s bigger in Texas and that’s even true of their million-dollar listings.
El Paso, Texas, has the largest $1 million homes in the country, according to a new report from real-estate company Zillow ZG, -0.26%. In the border city, $1 million homes are on average 7,030 square feet with five bedrooms and 5.5 bathrooms. That’s more than three times larger than the typical $1 million home nationwide, which is 2,200 square feet with four bedrooms.
In nine other cities besides El Paso, seven-figure homes tend to be larger than 5,000 square feet. Most of these cities are located in the South, where homes skew larger and cheaper typically.
Overall, in 87 of the 100 largest cities nationwide, $1 million homes were typically detached, single-family properties, Zillow found. In some of the country’s most expensive real-estate markets though, $1 million buys much less home.
San Francisco had the smallest $1 million homes on average. The typical property was just 1,150 square feet with only three bedrooms. Many other California cities had much smaller homes in this price range including Oakland, San Jose and Los Angeles. Outside California, Honolulu, New York City, and Arlington, Va., were some of the cities with the smallest $1 million properties.
|Largest $1 million single-family homes|
|El Paso, Texas||7,030||5||5.5|
|Saint Louis, Mo.||5,630||5||4|
|Corpus Christi, Texas||5,370||4||4.5|
“This proliferation of smaller $1 million homes in pricey markets points to how out of reach homeownership likely is for middle-class families or first-time buyers,” Zillow senior economist Cheryl Young said in the report. “Those hoping to own in those expensive markets are forced to move farther out from city centers, or to markets where you don’t need $1 million to afford a home big enough for your needs.”
The size of $1 million homes isn’t always indicative of an extremely pricey real-estate market. Zillow’s Z, -0.29% report noted that it can also reflect the trends in home construction. In cities like Minneapolis, New Orleans and Philadelphia, a sizeable share of the most expensive properties are town houses, row houses or duplexes, triplexes and quadplexes, according to the report.