What $1 Million Buys in Denver vs. Other Luxury Markets (2025)
Luxury buyers and sellers often treat the $1 million mark as a ready benchmark, yet the lifestyle and long-term value that seven figures purchases can shift dramatically from one metro to the next. Using current year, up-to-date market data and current tax statistics, the guide below unpacks how far a $1 million budget stretches in Denver, San Francisco, Nashville, Miami, and Manhattan, then weighs the all-important carrying-cost picture that follows the closing.
Denver, COLorado
Spacious “Mountain-Metro” Living
Buying power: Median price-per-square-foot sits at $368, so a $1 million budget equates to roughly 2,700 sq ft of living area—often 4 beds/3 baths in 1990s-plus construction. (Redfin)
Market tempo: Homes go under contract in 18 days on average. (Redfin)
Property tax: 0.55 % effective rate in Denver County, less than half the national median. (According to Ownwell.)
Typical monthly extras: Most single-family homes have minimal or no HOA; insurance premiums remain moderate because the region escapes coastal wind and quake-zone surcharges.
Pulse: Inventory remains tight and prices are nearly flat year-over-year, but the square-foot bargain, combined with proximity to world-class recreation, keeps Denver near the top of relocation short-lists.
San Francisco, CA
Ultra-Compact, Ultra-Costly
Buying power: With a median $1.02 K / sq ft, $1 million nets ≈ 980 sq ft—generally a 1- to 2-bed condo with little outdoor space and paid parking. (Redfin)
Market tempo: Listings still move quickly at just 20 days on market. (Redfin)
Property tax: 0.68 % effective rate statewide—low by U.S. standards, but applied to some of the country’s highest assessed values. (Tax Foundation)
Carrying costs: Core city HOA dues commonly exceed $800 – $1,200 a month in 2025, offsetting any tax advantage. (Broker disclosure data compiled for typical 1-bed units.)
Pulse: Tech-driven incomes keep demand resilient, yet entry-level luxury buyers sacrifice both space and cash flow relative to inland markets.
Nashville, TN
New-Build Space, Slowing Momentum
Buying power: At $272 / sq ft a million dollars purchases about 3,675 sq ft, often on a 0.4-acre lot with smart-home packages in suburbs like Green Hills. Redfin
Market tempo: Homes now linger ≈ 59 days—a noticeable cooling from the pandemic run-up. (Redfin)
Property tax: Among the lowest in major metros at 0.48 % statewide. (Tax Foundation)
Carrying costs: HOAs are modest outside a few gated communities; tornado-risk insurance riders add only a marginal premium compared with hurricane or quake zones.
Pulse: After outsized 2021-23 appreciation, Nashville’s luxury tier has entered a normalization phase—good news for buyers seeking maximum square footage.
Miami, FL
Resort Amenities, High Monthlies
Buying power: Luxury-condo price-per-square-foot crossed $1,080 in Q1 2025, so $1 million buys only ≈ 925 sq ft—typically a 2-bed unit with water or skyline views. (CondoBlackBook)
Market tempo: Median days on market: 82 for $1 million-plus condos. (CondoBlackBook)
Property tax: 0.74 % effective statewide, according to the Tax Foundation, but applied to rapidly appreciating waterfront values.
HOA reality: Median monthly condo fees in Miami-Dade climbed to $900 after 2021 reserve-fund legislation, and luxury towers with full-service staffs can top $2 K, according to the New York Post.
Insurance kicker: Wind-storm coverage keeps premiums among the nation’s highest, a material line-item in true cost of ownership. (Florida OIR/NAIC reporting.)
Pulse: Price momentum remains positive, but buyers must budget for some of the steepest operating costs in the country.
Manhattan, NY
The Priciest Square Foot in the Survey
Buying power: Borough-wide median sits at $1.39 K / sq ft, translating to ≈ 700 sq ft for $1 million—usually a pre-war co-op that may need updating. (Redfin)
Market tempo: Luxury listings average ≈ 90 days on market in early 2025. (Redfin)
Property tax: 1.54 % effective statewide—roughly triple Denver’s rate. (Tax Foundation)
Common charges: Condo fees reached an average $3.20 / sq ft city-wide in late 2023; that’s ≈ $1,920 per month on a 600-sq-ft unit, while co-op maintenance averaged $2.44 / sq ft. Brick Underground
Pulse: The city remains an unrivaled cultural hub, but square-foot economics and carrying costs dwarf every other market in this comparison.
Presentation Still Pays
The newest NAR “Profile of Home Staging” finds 17% of buyers’ agents say staging increases offer price by 1-5 %, while 48 % call pro-quality photos and video “very important.” Even in Denver’s quick-moving market—or Manhattan’s slower one—that bump can add $10,000 – $50,000 to a sale.
Key Takeaways for 2025 Luxury Owners
Denver delivers space efficiency: Two-to-three times the square footage of coastal rivals at a sub-$400/sqft price point.
Coastal premiums endure: San Francisco and Manhattan command the nation’s highest $/sq ft—even comparable minor units break the $1 million threshold.
Nashville offers “new-build value,” though appreciation has leveled, making due-diligence on resale forecasts essential.
Miami’s lifestyle upside is real, but buyers must pencil in aggressive HOA and insurance lines before writing an offer.
Carrying costs change the math just as much as list price—double-check taxes, fees, and insurance before assuming two cities with the same purchase budget offer equivalent wealth-building potential.
Thinking of Buying or Selling?
Data paints the macro picture, yet individual properties defy averages. A comparative market analysis from a local specialist like Heidi Kuker, plus a full carrying-cost breakdown, will clarify your personal upside in any of these metros.
Citations
Redfin – Denver Housing Market Trends, April 2025. Redfin
https://www.redfin.com/city/5155/CO/Denver/housing-marketRedfin – San Francisco Housing Market Trends, April 2025.
https://www.redfin.com/city/17151/CA/San-Francisco/housing-marketRedfin – Nashville Housing Market Trends, April 2025.
https://www.redfin.com/city/13415/TN/Nashville/housing-marketCondoBlackBook – Miami Luxury Condo Market Report Q1 2025.
https://www.condoblackbook.com/blog/q1-2025-miami-luxury-condo-market-summary-record-prices-but-still-a-buyer-s-marketCondoBlackBook – Overall DOM Table Q1 2025.
https://www.condoblackbook.com/blog/miami-luxury-condo-market-report-q1-2025-record-prices-defy-buyer-s-market/Redfin – Manhattan (NYC) Housing Market Snapshot, April 2025. Redfin
https://www.redfin.com/city/35948/NY/Manhattan/housing-marketTax Foundation – Property Taxes Paid as % of Value (2023 data, released 2025) – CO, CA, FL, TN, NY, TX.
https://taxfoundation.org/data/all/state/property-taxes-by-state-county/Ownwell – Denver County Effective Property-Tax Rate 0.55 %.
https://www.ownwell.com/trends/colorado/denver-county/denverNew York Post – Miami-Dade Condo Association Fee Study, 2019-2024
https://nypost.com/2024/08/09/business/south-florida-in-midst-of-condo-crisis-due-to-rising-hoa-fees/Brick Underground – NYC Condo & Co-op Monthly Charges Reach $3.20 and $2.44 per sq ft.
https://www.brickunderground.com/buy/condo-coop-maintenance-fees-common-charges-2024National Association of Realtors – 2025 Profile of Home Staging.
https://www.nar.realtor/research-and-statistics/research-reports/profile-of-home-staging
