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Business Observer Thursday, Sep. 8, 2022 3 weeks ago

Report: Size of home you can buy for $1M falls since pre-pandemic

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The million-dollar homes market in Tampa has a downward trend: The amount of space per square foot in those higher-end sales is shrinking.
by: Louis Llovio Commercial Real Estate Editor

A million bucks doesn’t go as far as it used to.

A report just out found that the size of house you can get for $1 million has fallen since the beginning of the pandemic. Zillow, which conducted the study, found that homes at that million-dollar price point are on average about 500 square feet smaller than just two years ago, shrinking from 3,021 square feet in the middle of 2020 to 2,530 square feet earlier this year — a drop of 16.25%. 

The report looked 50 major metro markets.

In some Florida localities. you’re getting even less.

Zillow found that largest square foot declines in Florida were in Jacksonville, where you got 1,000 fewer square feet for $1 million than in early 2020.

In Tampa, the average $1 million home is down 578 square feet from the spring of 2020, to 2,690 square feet.

The most bang for your buck, the report found, is in Hartford, Connecticut, where you can get a 4,873-square-foot house for $1 million.

Driving this is the high demand for homes, which pushed prices up and buying power down.

According to the Zillow report, 43,421 houses priced at $1 million and above were sold in the second quarter of 2019. In 2022, that jumped to 90,110.

 

Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

See All Articles by Louis

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