If you want a window on the national housing market the last 3 years or so, all you have to do is look at The New York Times’ weekly real estate feature, “Great Homes and Destinations.”
The feature’s signature headline, “What You Get For . . . ” is followed by a price; next comes profiles of three homes nationally selling for that price, complete with flattering interior and exterior shots.
Since the market peak in 2006, the “showcase” price has come down dramatically: the Houston home pictured above is currently on the market for $399,000(!). Likewise, the amount of house that the “price of the week” can buy has gone up dramatically.
Even allowing that Houston housing prices are famously modest (true), this house is loaded: four BR’s up, hardwood floors, high-end finishes, pool, landscaping, etc.
Hard to imagine what $1M would buy in Houston today!