(Editors Note: This slideshow was posted in March 2007.)
With spring just around the corner, the real estate industry is on tenterhooks. Housing prices nationwide have dropped year to year for the first time in a decade.
Kiplinger.com went in search of homes on the market in the $1 million range. Our findings: Seven figures appear to buy a bit more house in many places compared with prices a year or two ago -- and the drop could continue this year. But there remain pockets of appreciation here and there. Naturally, you still get more for your money in midsize and small cities than you can in large metro areas.
Click through our slide show to see how much home $1 million will buy now.
Photo Courtesy Sally Juvenal, Phyillis Browning Company
By Amy M. Pollak
Las Vegas, Nevada
- Square Feet: 4,062
- Asking Price: $949,000
Vegas remains an exploding metropolis, although growth has slowed a bit. You can still get a spacious luxury home, such as this one, for under $1 million. This three-bedroom, three-bathroom home features half an acre with an inground pool. It's within walking distance of the Vegas Strip.
Photo courtesy of Millie Fine, CENTURY 21 Aadvantage Gold
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Bloomfield Township, Michigan
- Square Feet: 3,908
- Asking Price: $999,000
Bloomfield Township, a wealthy suburb of Detroit, has long been a local real estate showcase. But real estate prices are falling. This custom-built home on a cul-de-sac has five bedrooms with almost an acre of land.
Photo courtesy of Eva Morrow, Max Brocker Realtors
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Tucson, Arizona
- Square Feet: 3,687
- Asking Price: $1,000,000
Mortgage interest rates and taxes are still low in Arizona. So demand for housing is rising, along with home prices. Tucson, the second-largest city in the Grand Canyon State, is becoming a prime area for relocating retirees. This home has 4.5 acres, a pool, large wraparound patio and a great view of the mountains.
Photo courtesy of Rob Lamb/Denise White, Long Realty Company
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Hinsdale, Illinois
- Square Feet: 3,279
- Asking Price: $999,000
Here's afour-bedroom house in an affluent Chicago suburb with an excellent school system. The community is experiencing the "teardown phenomenon," where developers are leveling older homes and building new, larger mansions on the lots. That's keeping prices high.
Photo courtesy of Linda Feinstein, ERA Jensen and Feinstein
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Bluffton, South Carolina
- Square Feet: 4,598
- Asking Price: $1,100,000
Set beside the Colleton River, this 18th-century Southern-style Americana home sits has five bedrooms and five bathrooms. Bluffton is on the mainland across from Hilton Head island. Property values in the last year have dropped in both communities.
Photo courtesy of Evva Anderson, ERA Evergreen Real Estate Company
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Richmond, Virginia
- Square Feet: 5,190
- Asking Price: $1,195,000
This 60-year-old, five-bedroom, Tidewater brick home has been updated to include modern amenities. It's in the Windsor Farms neighborhood near the James River, where there has been a mini-boom in real estate as a result of city revitalization efforts.
Photo courtesy of Lynn Pritchard, Joyner Fine Properties
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Williston, Vermont
- Square Feet: 5,630
- Asking Price: $1,085,000
Williston, ten miles outside Burlington, is a rapidly growing area -- but still has no local high school. This new home, on almost two acres of land, features floor-to-ceiling windows with views of Lake Champlain and the Adirondack Mountains.
Photo courtesy of Mary W. von Ziegesar, Lang, Lion & Davis
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Sherman, Connecticut
- Square Feet: 2,884
- Asking Price: $975,000
Located 20 miles from New Haven, this colonial home on almost four acres of land includes a carriage house and a five-car garage. It's also close to Candlewood Lake and the Appalachian Trail.
Photo courtesy of Sherry Wheeler, William Raveis Real Estate
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Ormond Beach, Florida
- Square Feet: 3,697
- Asking Price: $1,000,000
The Sunshine State has seen 10% to 30% drops in real estate values in some areas. This five-bedroom home has a pool, gourmet kitchen and a summer outdoor kitchen. But it is in an area that's still undergoing rapid development. Ormond Beach is north of Daytona Beach on the Atlantic coast.
Photo courtesy of John Adams, Adams Cameron & Co. REALTORS
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Tazewell, Tennessee
- Square Feet: 4,023
- Asking Price: $950,000
This 25-acre property offers not only a large home, but also a rental guest house and a barn. Not bad for under $1 million. But the Volunteer State has relatively high property-tax rates. This home is about 45 miles from Knoxville in the eastern part of the state.
Photo courtesy of J.C. Prather, Realty Group II
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Kailua-Kona, Hawaii
- Square Feet: 2,512
- Asking Price: $989,000
Expect to pay a lot for not a lot of home in Hawaii, where property values are high. This house might not be what comes to mind when you think million-dollar home, but it has mountain views, is in a private gated community and has access to a tennis and equestrian center. Kailua-Kona is a seaside tourism center on the western coast of the big island of Hawaii.
Photo courtesy of Terry Walker, Kailua Realty Ltd.
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Atlantic Highlands, New Jersey
- Square Feet: 3,900
- Asking Price: $1,050,000
Atlantic Highlands is an upscale historic village on the Jersey shore due south of New York Harbor -- a half-hour ferry ride to Manhattan for commuters. This Victorian home has stained glass windows and original fireplaces.
Photo courtesy of Mary Lynn Hughes, Heritage House Sotheby's International Realty
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Midtown Manhattan
- Square Feet: 804
- Asking Price: $998,000
This one-bedroom and one-and-a-half-bath condo unit is right off Fifth Avenue. The building has a gym facility and a rooftop deck with views of Chelsea.It's a small unit, and this trendy neighborhood has seen property values drop. But any way you slice it, living space comes at a premium in the heart of the Big Apple.
Photo courtesy of Injoo Lee, Weichert,Realtors® Mazzeo Agency
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Victor, Idaho
- Square Feet: 2,400
- Asking Price: $950,000
Here's another area experiencing a mini-boomlet, attracting affluent buyers seeking natural beauty. The private community of Teton Valley has an 18-hole golf course and 26 lakes stocked with fish. The seller is betting the combination of stone and log cabin will appeal to its market audience.
Photo courtesy of Sarah Anderson/Jenny Field, Teton Springs Realty
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Redding, California
- Square Feet: 3,421
- Asking Price: $1,000,000
Located in the northern Sacramento Valley, Redding bills itself as one of sunniest cities in the U.S., along with Tucson and Denver. By California standards, housing is quite affordable here. This home comes with a pool and jacuzzi.
Photo courtesy of Don Wilkens, ERA Select Properties
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Bradenton, Florida
- Square Feet: 4,120
- Asking Price: $1,100,000
Property values in the Bradenton area have dropped sharply over the past year. This lakefront home remains typical of this area's upscale properties -- large amount of living space, large lot, waterfront, with pool.
Photo courtesy of Linda Formella, Michael Saunders & Company
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