NASHVILLE, Tenn. (WKRN) – For many, $1 Million is a lot of money.
But it turns out, that amount is getting home buyers in Nashville less and less.
In Nashville, the standout $1 Million home is a large single-family home that has 3,600 square feet, four bedrooms, and three and a half baths.
According to Zillow, that’s 28 percent smaller than just five years ago, when the average $1 Million home was more than 5,000 square feet.
However, Nashvillians are still interested in buying high-priced homes– specifically modern ones.
“Little by little I think there are chunks of neighborhoods starting to turn over, you get a couple you get a couple more,” Martin Lovelace with Compass Real Estate said.
Though, he said, there’s not enough inventory to meet the demand.
That means Jamie Duncan and Shaun Burroughs, co-owners of Build Nashville, are busy.
”I think we saw this take over three and a half, four years ago [that’s when] it became a need in Nashville,” Duncan said.
The need continues to grow as modern homes build up in Green Hills, the Gulch, Oak Hill and West Meade. In the last few years, Duncan’s team has either built or is about to build 53 modern homes.
“You’re living in a more art gallery type home rather than a traditional simple layout, you have these clean lines, tall ceilings, big windows, lots of light, people like that” Lovelace said.
Many of Build Nashville’s homes are between 3,800 and 4,200 square feet, again, that’s about 28 percent smaller than five years ago
Burroughs says their clients seem to care less about the size and more about the look– the glam.
“I think they’d prefer to buy less house but have more of a wow factor,” Burroughs said.
Both of them attribute the size change to land price and high demand.
That means, there will be a transition in terms of what builders are going to do and what developers are going to continue to offer.
“As we become more cosmopolitan and we see more of this design I think it’s a plus for Nashville and these neighborhoods to make this move forward it’s definitely a positive thing,” Lovelace said.
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