Phoenix leads nation as million-dollar homes shrink in size, forcing buyers to recalibrate what $1M buys in today’s market.
As seen on NBC12 News
Phoenix is leading the nation in a surprising housing trend: million-dollar homes are shrinking in size. Buyers are now getting nearly 1,000 fewer square feet for the same price compared to just three years ago, according to Zillow data.
Real estate experts say this shift affects nearly every price range, not just luxury homes. In many cases, homes that once sold for around $750,000 are now crossing the $1 million mark, forcing buyers, agents, and appraisers to adjust expectations.
While home prices have recently cooled, experts note the market is not returning to past affordability or home sizes. Instead, buyers must recalibrate what their budget can realistically buy in today’s Phoenix housing market.