Nashville tops list of losing bang for your buck in million-dollar homes

NASHVILLE, Tenn.--A new report finds $1 million won't get you as much in Nashville compared to 5 years ago when it comes to housing.

A new report by Zillow cited by Bloomberg found among the nation's 100 largest cities, Nashville leads the nation in getting less bang for your buck.

Compared to 2014, homeowners are getting 27.7% less square feet in a $1 million home. This year, the median home size for that price tag will net you 3,637 per the report. That is 1,392 square feet less than 2014's average of 5,029 square feet.

Jack Miller is a broker with Stutts-Miller Properties with Parks Real Estate.

He tells FOX 17 News that this is happening due to high demand, along with the rising price of building materials.

Still, he says that’s not stopping people from moving to Nashville.

"Corporate relocation is one of the largest vertical markets that I service personally, and we see a lot of folks moving in,” Miller said. “So the fact that you're getting less house for your money, it's not deterring them. They're getting a lot more home for their money coming from the larger market to Nashville, typically speaking."

Miller says no state income tax also makes Middle Tennessee an attractive spot to call home.

While homeowners will still get over double the home compared to cities like Oakland, San Francisco, and New York, a strong economy and growing population have added to demand, causing the change.