WHAT TO KNOW ABOUT PURCHASING
A HOME OVER $1 MILLION
Buying a home priced above $1 million isn't fundamentally different from buying any other home. The stakes are simply a bit higher, and so are the expectations.
Most homes in this price range are financed with jumbo loans, mortgages that exceed the lending limits established for conventional conforming loans. Because lenders are assuming more risk, they'll usually expect an excellent credit history, solid income, significant financial reserves, and often a down payment of 20% or more. The exact requirements vary from lender to lender, making it especially worthwhile to compare loan programs rather than accepting the first offer you receive.
You'll also want to plan for the ongoing costs of ownership. Property taxes, homeowners insurance, maintenance, landscaping, utilities, and furnishing a larger home can all add up quickly. If the property includes amenities such as a pool, dock, guest house, tennis court, or extensive acreage, those features come with continuing maintenance costs that deserve every bit as much attention as the monthly mortgage payment.
The good news? Buyers shopping in this market often have access to experienced lenders, attorneys, inspectors, and financial professionals who understand luxury transactions. Assemble a strong team, do your due diligence, and buying a million-dollar home becomes less about navigating obstacles and more about finding the property that truly fits your lifestyle.
Several homes in this price range sold
during the first half of 2026:
 |
| Westbrook - Beachfront - Sold for $1,300,000 |
 |
| Branford - Beachfront - Sold for $2,000,000 |
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| Madison - Beachfront - Sold for $3,100,000 |