The typical $1 million house is smaller, older and has fewer bathrooms than it did before the pandemic. That is the conclusion of a new report from Zillow that examines $1 million houses* in markets across the U.S.
"Single-family homes in the million-dollar range that sold in the second quarter of 2022 are noticeably different from homes that sold in the same price range in the years preceding the COVID-19 pandemic," the report stated. "Today’s million-dollar homes have undergone shrinkflation, possessing a much smaller footprint than the million-dollar homes of 2019. They also have fewer bathrooms and are older overall."
In the DC area, shrinkflation is on full display. In 2019, the square footage of a typical million-dollar home in the region was approximately 3,000 square feet; this year, that square footage has dropped to 2,500.
Below, UrbanTurf picks out a few other interesting numbers regarding million-dollar houses around DC:
- 35 years -- The median age of a million-dollar house.
- 3.5 -- The average number of bedrooms.
- 4 -- The average number of bathrooms.
- 3,829 -- The number of $1 million+ houses that sold in the second quarter.
*Million-dollar homes are defined as single-family homes that sold between $950,000 and $1,050,000.
This article originally published at https://dc.urbanturf.com/articles/blog/the-anatomy-of-dcs-1-million-house/20028.
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