How much house will $1 million buy?

Chicago

• 3-bedroom, 3-bath condo
• 2,424 square feet
• Year built: 1980
• Price: $1.29 million

This corner unit in the New East Side neighborhood of Chicago has views of Lake Michigan, Monroe Harbor and Millennium and Grant parks. The kitchen has high-end appliances while the bath has a whirlpool tub and a separate shower. Located in a luxury building with a doorman, indoor pool and sundeck, this unit would have sold for $1.35 million last year, the agent says.

Dallas

• 4 bedrooms, 3.1 baths
•  4,326 square feet, on a 50-by-200-foot lot
• Year built: 2005
• Price: $1.15 million

This home has premium finishes with hardwood floors throughout, plantation shutters, wood windows, granite counters and stainless appliances. The master bath has a claw-foot tub, two sinks, a spacious shower and a walk-in closet.

Denver

• 4 bedrooms, 4 baths
• 3,400 square feet on a 6,500-square-foot lot
• Year built: 2007
• Price: $1.05 million

This contemporary home has a large master suite with a gas fireplace and a private deck. It also has a study and a large family room and is close to downtown Denver.

Detroit

• 6 bedrooms, 4 full baths, 2 half baths
• 9,000 square feet
• Year built: 1929
• Price: $1.19 million

Located in Grosse Pointe Farms, a suburb nine miles from downtown Detroit, this Tudor designed by Albert Kahn has a pool and an apartment. "It would have sold for $1,300,000 last year," says Kay Agney of Higbie Maxon Agney Inc.

Las Vegas

• 5 bedrooms, 4.5 baths
• 6,049 square feet on a 15,360-square-foot lot
• Year built: 1987
• Price: $1.3 million

Last year a home similar to this in the same community was asking $1.85 million but sold for $1.5 million after 441 days on market, says Delinda Crampton, agent at the Prudential Americana Group Realtors

Los Angeles

• 5 bedrooms, 4 baths
• 6,050 square feet on a 5,500-square-foot lot
• Year built: 1990
• Offered at: $1.39 million

This property, located in Sherman Oaks, was valued at $2.6 million a year ago.

New York

• 2-bedroom, 2-bath condo
• 1,142 square feet
• Year built: 1960
•  Price: $997,500

This unit with a balcony is in a Manhattan condo complex with parking, a gym and a children's playroom.

Cynthia Crowley of Olshan Realty says the New York City housing market has withstood the economic downturn partly because of strict financial qualifications demanded by co-ops and condos.  "Prices finally took a sharp downturn between November and February, with values softening up to 20% citywide during that time," she says.  "Last year an identical apartment upstairs sold for $1,175,000 and it was in much worse condition."

Crowley expects New York home prices to plateau by mid or late 2009 

Phoenix

• 3 bedrooms, 2.5 baths, 3-car garage
• 3,404 square feet on a half-acre lot
• Year built: 2005
• Price: $1.24 million

This home has mountain views, a gated courtyard, two fireplaces and a kitchen with granite countertops.

Carlos J. Ramirez of SmartAZ Realty says single-family homes sold in Phoenix in this price range have spent an average of 90 days on the market since January 2009 (identical to the $500,000 price range. "Prices have been mostly flat for the last three months, which could be an indication that the market is stabilizing," he added. 

Seattle

• 4 bedrooms, 1.75 baths
• 3,340 square feet on a 3,769-square-foot lot
• Year built: 1911
•  Price:  $1.07 million

This Craftsman-style home is in Seattle’s Madrona neighborhood near Lake Washington.

"A year ago, a nearly identical home nearby was asking $1,550,000 and sold for $1,150,000 after 211 days on market," says Nate Thornton of Windermere Real Estate. "The market for homes in this price range has remained relatively flat over the last year, slightly down about 7% from 2008 to 2009," he says.