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$1 million homes are selling, despite real estate slowdown

What kind of home $1 million buys you in US: everything from Midwestern mansion to city condo

This photo provided by Charlesgate Realty Group via Realtor.com shows the exterior of a condo building at 34 Melrose Street in Boston, where a two-bed...
This photo provided by Charlesgate Realty Group via Realtor.com shows an interior view of a two-bedroom, two-and-a-half bath, 1,229-square-foot condom...
This photo provided by Charlesgate Realty Group via Realtor.com shows the living area of a two-bedroom, two-and-a-half bath, 1,229-square-foot condomi...
This photo provided by Gladys Manion, Inc. via Realtor.com shows the exterior a five-bedroom, five bath limestone mansion at 36 Portland Place in St. ...
This photo provided by Gladys Manion, Inc. via Realtor.com shows the pool area of a five-bedroom, five bath limestone mansion at 36 Portland Place in ...
This photo provided by Gladys Manion, Inc. via Realtor.com shows the entertainment room in a five-bedroom, five bath limestone mansion at 36 Portland ...
This photo provided by William Russell Realty via Realtor.com shows the interior of a four-bedroom, four-and-a-half bath craftsman home at 779 Penn Av...
This photo provided by William Russell Realty via Realtor.com shows the interior of a four-bedroom, four-and-a-half bath craftsman home at 779 Penn Av...
This photo provided by William Russell Realty via Realtor.com shows the interior of a four-bedroom, four-and-a-half bath craftsman home at 779 Penn Av...

Home Photo Gallery

This photo provided by Charlesgate Realty Group via Realtor.com shows the exterior of a condo building at 34 Melrose Street in Boston, where a two-bed...

Home Photo Gallery

This photo provided by Charlesgate Realty Group via Realtor.com shows an interior view of a two-bedroom, two-and-a-half bath, 1,229-square-foot condom...

Home Photo Gallery

This photo provided by Charlesgate Realty Group via Realtor.com shows the living area of a two-bedroom, two-and-a-half bath, 1,229-square-foot condomi...

Home Photo Gallery

This photo provided by Gladys Manion, Inc. via Realtor.com shows the exterior a five-bedroom, five bath limestone mansion at 36 Portland Place in St. ...

Home Photo Gallery

This photo provided by Gladys Manion, Inc. via Realtor.com shows the pool area of a five-bedroom, five bath limestone mansion at 36 Portland Place in ...

Home Photo Gallery

This photo provided by Gladys Manion, Inc. via Realtor.com shows the entertainment room in a five-bedroom, five bath limestone mansion at 36 Portland ...

Home Photo Gallery

This photo provided by William Russell Realty via Realtor.com shows the interior of a four-bedroom, four-and-a-half bath craftsman home at 779 Penn Av...

Home Photo Gallery

This photo provided by William Russell Realty via Realtor.com shows the interior of a four-bedroom, four-and-a-half bath craftsman home at 779 Penn Av...

Home Photo Gallery

This photo provided by William Russell Realty via Realtor.com shows the interior of a four-bedroom, four-and-a-half bath craftsman home at 779 Penn Av...

Sales of $1 million homes are booming, even as overall sales have sputtered this year.

It's further evidence of how the nearly six-year economic recovery has favored the wealthy. Those with epic stock portfolios, superb credit and cash to spare are snapping up estates, pied-a-terres and beachside cottages. Some of this shopping spree comes courtesy of the Standard & Poor's 500 climbing an additional 13 percent this year, while mortgage rates had slid below 4 percent and made it much easier to borrow.

The real estate brokerage Redfin recently reported that sales of properties costing more $1 million climbed 9 percent year-over-year, based on data from the July to October quarters. Overall sales slipped 1.2 percent.

These luxury homes are ascendant even though they represent less than 3 percent of the market. More than 60 percent of the U.S. homes sold in November cost less than $250,000 -- and their sales have tumbled over the past 12 months, the National Association of Realtors said last week.

But as this slideshow of homes from Realtor.com reveals, what $1 million gets you can vary drastically across the country. In St. Louis, it can secure a Beaux Arts mansion. In Atlanta, it's enough for a charming craftsman. In Boston, it covers a two-bedroom condominium.


Updated : 2021-08-01 19:57 GMT+08:00