Hint: It’s not necessarily a mansion.
At one time homes for one million dollars and above were automatically considered “luxury real estate.” You might picture a waterfront mansion with a Jaguar out front in the circular drive. Yet home prices have been on the rise across the country and locally, and recently San Jose, Calif. was in the news when the average home price hit more than one million. Although nationally the median home price was just $240,700 in the second quarter of 2016, that doesn’t buy you much in many parts of California. What does one million dollars really buy you in some local areas?
Let’s take a look:
The average home price in Long Beach last month was $631,240, up 7.8% from August of 2015. Long Beach has everything from affordable condos to waterfront mansions. Here’s what $1 million will buy you in the state’s seventh largest city.
Just south of Los Angeles County, Seal Beach has a quaint main street, beautiful sandy shores and an average home price of $1,145,562 as of August 2016. While slightly down from the previous month, the average home price last month was 20% above its August 2015 level.
Here’s the homes available right around that $1 million price in Seal Beach.
Signal Hill has had much wider swings in home price trends in recent years than Long Beach, which surrounds it. As of August 2016, the average price for a house in Signal Hill was $694,543, up 7.8% from August 2015. Here’s what one million garners you in Signal Hill
While home prices have been on the rise in Lakewood, it remains more affordable than its neighbor to the south, Long Beach. The average home price in Lakewood in August 2016 was just $531,851. Homes in the $1 million range in Lakewood are typically locate in the Lakewood Country Club Area.