What does $1 million buy you in today's real estate market?

In many parts of the country, it can certainly go a long way. In other areas, however, even with the unprecedented drop in home prices over the the past three years, a seven-figure price tag doesn't necessarily get you an ultra-luxurious apartment or big house in the suburbs.

The most recent S&P/Case-Shiller Home Price Index shows that home prices today are comparable to levels seen in 2003, down approximately 33.5% from the all-time highs of 2006 prior to the recession.

The precipitous drop in US home values has taken a toll in personal wealth and well being. The number of homeowners underwater–meaning their home loan is worth more than the market value of the house–is now 23 percent of the 55 million outstanding mortgages, according to real estate information service Zillow.com. (Some estimates put it lower.)

With the fundamental stock market strategy of "buy low, sell high" in mind, many real estate buyers these days–whether ordinary consumers or investors–are getting into the game because of bargain prices. Affordability is the best in many years. Low interest rates and an $8,000 government tax credit for first time buyers have brought life back to quiet and depressed markets. Realtors in nearly every local market are increasingly optimistic abut the future.

Thus far, that's helped the lower-end of the market, with a brisk trade in foreclosure properties in particular.

But what about in the million-dollar market? CNBC surveyed 19 major cities around the country, from New York City and Los Angeles to Omaha, Neb. and Anchorage, Alaska, to illustrate the great variance in pricing from market to market and the big changes in prices between 2007 and 2009. We have paired information and images of properties in the million-dollar range that were either listed for sale or actually sold in 2007 with comparable ones today.

Of all of the metropolitan areas surveyed, the overwhelming majority have seen price decreases since 2007–ranging from as little as -2.3% in Omaha and Charlotte, North Carolina to as much as -49.7% in Phoenix, Ariz.

Only two have seen home value appreciation: New Orleans (+3.4%) and Houston (+3.2%), according to the National Association of Realtors.

New Orleans is a unique situation, as home prices dropped off in 2006 immediately following Hurricane Katrina.

Although Phoenix shows the biggest drop in home values, other cities in states where subprime loans were prominent, such as Las Vegas, have also suffered price declines in excess of 40%.

With realtors predicting that a recovery is finally on the horizon, identifying the real estate markets that are undervalued–instead of simply under water–could mean profitable opportunities and returns.

Million Dollar Home Comparisons

Phoenix, Ariz.

Provided by: Keller Williams Realty Sonoran Living

Home sold in 2007

Price: $1,000,000
Interior: 3,975 sq ft
Lot Size: 19,000 sq ft
4 Bedrooms, 3.5 Bathrooms

Provided by: Keller Williams Realty Sonoran Living

Home listed in 2009

Price: $1,100,000
Interior: 5,001 sq ft
Lot Size: 32,407 sq ft
5 Bedrooms, 4 Bathrooms

Area Median Home Prices

2009 Q2: $131,100
2007: $257,400
Change: -49.1%

In 2007, the average house in Phoenix was on the market for 120 days before it was sold; now it is 180 days. In mid-range to upper-end properties, realtors estimate distressed sales and excess inventories to clear within 12 months as supply and demand come back into balance.
 

Atlanta, Georgia

Provided by: Vawter Vision Group

Home listed in 2007

Price: $1,300,000*
Interior: 3,500 sq ft
Lot Size: N/A
5 Bedrooms, 5.5 Bathrooms

*Currently listed at $1,095,000

Provided by: Vawter Vision Group

Home listed in 2009

Price: $999,000
Interior: 3,650
Lot Size: N/A
5 Bedrooms, 4 Bathrooms, 2 Half

Area Median Home Prices

2009 Q2: $121,400
2007: $172,000
Change: -29.5%

Realtors in the area see activity picking up, but a significant proportion of sales are properties involving short sales and foreclosures, with most clients being first-time buyers.
 

New York, New York

Provided by: Gumley Haft Kleier, Inc.

Home sold in 2007

Price: $975,000
Interior: 1,400 sq ft
2 Bedrooms, 2 Bathrooms

Provided by: Gumley Haft Kleier, Inc.

Home listed in 2009

Price: $1.1 million
Interior: 1,000 sq ft
2 Bedrooms, 2 Bathrooms

Area Median Home Prices*

2009 Q2: $379,800
2007: $469,700
Change: -19.2%

*Includes NY, Northern NJ and Long Island

The average time a property will be on the market before a sale is now 180 days–double that of 2007. One area realtor says activity has "picked up after coming to a screeching halt," thanks to first-time buyers. New construction, however, is still weak.
 

Anchorage, Alaska

Provided by: Real Estate Brokers of Alaska

Home sold in 2007

Price: $1,025,000
Interior: 4,912 sq ft
Lot Size: 20,182 sq ft
4 Bedrooms, 2.5 Bathrooms

Provided by: Real Estate Brokers of Alaska

Home listed in 2009

Price: $1,100,000
Interior: 6,190 sq ft
Lot Size: 48,021 sq ft
5 Bedrooms, 4.5 Bathrooms

Median Home Prices

*This information is not tracked by the Nat'l Association of Realtors

In 2007, residential properties in Anchorage were on the market for an average of 75 days; in 2009 it is up to 85 days.
 

Portland, Oregon

Provided by: The Hasson Company Realtors

Home sold in 2007

Price: $999,900
Interior: 5,020 sq ft
Lot Size: 14,160 sq ft
5 Bedrooms, 3.5 Bathrooms

Provided by: The Hasson Company Realtors

Home listed in 2009

Price: $1,150,000
Interior: 3,875 sq ft
Lot Size: 11,800 sq ft
4 Bedrooms, 4 Bathrooms

Area Median Home Prices

2009 Q2: $246,200
2007: $295,200
Change: -16.6%

In 2007, the Portland market saw a 6-month average period between listing and sale. It is now 7-8 months, having been as high as 12 months in March. Realtors say many sellers have pulled their homes off the market to wait for better conditions. Sales of homes in lower-price ranges (under $450,000) have stabilized, but the high-end market is struggling with homes selling at 2004 price levels.

See All Million Dollar Homes: Then & Now