Nationwide, $1 million buys about 2,192 square feet, which is 14% less than in 2014. The price only covers 2,090 square feet – a 24.5% drop – in Seattle, which came in fourth in the study among the 100 most populous cities. Top-tier homes in 8th place Vancouver, Washington are now 22.1% smaller.
The reason buyers are getting less square footage? High-income earners are willing to pay more for a luxury condo or house, and developers want to build on underused land with a small home, as analyzed by real estate database Zillow.
What’s the seven-figure scene in Portland now compared to 2014? Not as dramatic, according to the study.
Portland is 36th in that ranking. In 2014, $1 mission homes in Portland were 3,770 square feet. Now, they are 3,318 square feet – 12% smaller. Here’s 5 examples of what $1 Million can get you in Portland today.
Pearl District Condo: A 2018 Vista condo at 1150 NW Quimby St #906 in the Pearl District is listed at $1,08,500. The northeast-facing home has 2 bedrooms, 2.5 bathrooms and 1,612 square feet of living space, which breaks down to $673 a square foot.
Woodstock: A single level 1949 house at 5710 SE Woodstock Blvd in Woodstock sitting on a corner lot with two tax parcels totaling .33 acres with an alley along the back side is listed at $1,049,000. The house has 3 bedrooms, 1 bathroom, and 1,762 square feet of space.
Fountain Plaza Condo: The Fountain Plaza Condominiums unit at 1414 SW 3rd Ave #2502 is listed at $1,050,000. The condo, which was remodeled in 2012, has 2 bedrooms, 2 bathrooms and 1,881 square feet.
Casey Condo: A condo in the Casey in the Pearl District at 311 NW 12th Ave #302 is listed at $1,025,000. The southeast-facing home has 2 bedrooms, 2.5 bathrooms, and 2,074 square feet of living space.
Midcentury Modern: A midcentury modern home on a 10,018-square-foot lot at 440 SW Hillside Drive in Bridlemile is listed at $1,090,000. The two-level Northwest Contemporary house was designed by William Fletcher and built in 1965, and has 3 bedrooms, 2.5 bathrooms and 2,708 square feet of living space, says listing agent Marisa Swenson of Living Room Realty.
Article thanks to Janet Eastman and The Oregonian