In this edition of The Price Point—a weekly series where Redfin data journalists explore current housing inventory across a rotating combination of budgets and metro areas—we’re looking at the million-dollar market.
The $1 million price point was once synonymous with luxury—but as home prices continue to rise, it’s increasingly tagged on more conventional properties. Still, as with any price point, geography does a lot of heavy lifting; the same budget opens entirely different doors depending on where you look.
This week, our lens is pointed on three distinct markets: Asheville, NC; Bend, OR; and Richmond, VA. Each offers a version of the million-dollar home shaped as much by lifestyle as by square footage—from mountain escapes and high-desert living to idyllic East Coast neighborhoods.
What $1 Million Gets You In Asheville, NC: Rustic Retreats and Sparkling New-Builds
The Asheville area housing market has been slow to recover from Hurricane Helene, which means $1,000,000 stretches further today than in previous years.
In and around this price point, buyers have access to both older homes near Asheville’s downtown district and upscale new-builds slightly outside the destination city.
Regardless of exact location, million-dollar homes here all lean into their surroundings. Expansive porches with sweeping views of the Blue Ridge Mountains—like those featured in the ~3,000-square-foot, 3-bedroom-, 3-bathroom home below (which is situated in a gated community and listed for $934,000)—are commonplace.
2,954 sq ft home in Asheville, NC listed by Redfin agent Lee Smith
Nearby in Black Mountain, NC, a slightly smaller 2,756-square-foot new-build home offers a similar proposition, trading a bit of interior space for a quieter, more private feel—and lots of luxe finishes—just outside Asheville’s core.
2,756 sq ft home in Black Mountain, NC listed by Redfin agent Vitor Sa
According to local Redfin agent Lee Smith, the range of options that the $1 million price point offers in Asheville is a big part of what makes the market so compelling to buyers, who are most often out-of-towners looking for a second home.
What $1 Million Gets You In Bend, OR: Ranches Galore and Lots of Land
Bend’s median home sale price in March 2026 was $682,000, so $1 million can yield spacious homes and spacious lots. The below ranch, which will be listed $1,075,000 for on May 7, 2026, is a great example. It boasts ~3,000-square-feet of updated living space on a ~5 acre lot.
2,822 sq ft home in Bend, OR; listing coming soon from Redfin agent Haley McFarlane
Known for access to hiking and other year-round outdoor recreation, Bend sees consistent demand from local buyers and newcomers drawn by its quality of life.
“Bend’s housing market is relatively balanced, offering both buyers and sellers more room to negotiate,” says Redfin agent Haley McFarlane. “$1 million typically buys either a modest home in a walkable area or a larger, less centrally located property with acreage and amenities.”
1,950 sq ft home in Bend, OR listed by Redfin agent Angelica Webb
The midcentury ranch above represents the former option described by McFarlane; it’s within walking distance to Bend’s downtown attractions, but comes in at a more modest 1,950-square feet.
What $1 Million Gets You In Richmond, VA: Mid-Atlantic McMansions
Unlike Asheville and Bend, the Richmond market doesn’t demand many location-based trade-offs—$1 million will get you a large, updated home no matter where you look around town.
Case in point: The ~4,000 square-foot and ~3,000-square-foot homes below—both loaded with luxury bells and whistles—are listed for $975,000 and $899,999, respectively.
4,086 sq ft home in Glen Allen, VA listed by Redfin agent Jessica Moir
This kind of bang-for-your-buck is increasingly rare on the East Coast, which has made the Richmond market extremely competitive in recent months and years; homes here receive three offers on average and sell in around 24 days.
3,105 sq ft home in Ashland, VA listed by Redfin agent Meredith Hopper
“Around the $ million price point, buyers can typically expect updated homes in desirable neighborhoods with strong community appeal,” says Meredith Hopper, a local Redfin agent.
Ultimately, buyers in Richmond at this level aren’t choosing between space and location so much as fine-tuning between them. The result is a market where $1 million still feels substantial—and where square footage, neighborhood character, and livability tend to align more easily than in many peer cities.
Editor’s note: This is a weekly column. The listing status and prices of featured homes are subject to change.
