A Nashville real estate tidbit that might surprise you: A new report from LendingTree ranks the U.S. cities with the largest shares of million-dollar homes, and Nashville is sitting pretty high, at No. 15 out of 50.
Unsurprisingly, California and New York lead the pack, with huge shares of million-plus-dollar properties — in San Jose, San Francisco, Los Angeles and San Diego, more than 10 percent of homes are valued over $1 million. And if you add up San Jose and San Francisco’s share of million-dollar homes, you’re at almost 94 percent of the total. Certainly paints a stark picture of why becoming a homebuyer in those cities can be intimidating.
In Nashville, we’re clearly on the rise, but we’re obviously not quite so flush with high-dollar properties, at 1.52 percent of the total. And even as our homes have gotten more pricey, you’re still getting a whole lot more here on average than in most of the top-10 cities on that list, which may be some consolation to buyers who are frustrated by home prices in Nashville.
Curious to see a side-by-side comparison? Below, one of those million-dollar Nashville homes (around the median price of $1.3 million), and what you’d get around the same price in some of the higher-ranked cities.
3516 Richland Ave
Nashville, TN 37205
Your local illustration: This 1920 Tudor in a much-desired Nashville neighborhood, Historic Richland, has been extensively renovated on the high end of high-end, with new systems, a gorgeous updated kitchen and baths and more. The upgrades extend throughout the 4000-plus-square foot, 4-bed, 3 1/2-bath home, too. Added bonus: a spacious fenced yard, with an upscale outdoor entertaining space built in. Lots more about this Nashville home here.
IN SAN JOSE:
1142 Garfield Ave
San Jose, CA 95125
In the No. 1 city: Totally cute 1940 Craftsman that’s been remodeled with mid-range finishes, plus a nice detached garage and some environmentally friendly perks, like solar panels. The catch: The home’s under 1600 square feet, with 3 beds and 2 baths, and given trends around San Jose, it’ll probably have multiple offers over asking. (Source: Redfin)
IN LOS ANGELES:
3152 South Bentley Ave
Los Angeles, CA 90034
Updated midcentury homes like this one, in Palms (close to West L.A.), draw in Los Angeles homebuyers for good reason — it’s full of charm, nicely renovated and close to lots of stuff to do. What you get at that $1.3 million-ish price point, space-wise: 1240 square feet, with 3 beds and 2 baths. (Source: Redfin)
1923 31st Ave W
Seattle, WA 98199
A real-estate dollar goes a lot further in Seattle than in those California cities, though Nashville homebuyers are still winning, from a per-square-foot perspective. This midcentury Magnolia ranch home is listed at almost $420 per square foot, while the super high-end Historic Richland home in Nashville is closer to $330. Still, there’s a good amount of space here, at almost 3200 square feet, and it’s been beautifully updated. (Source: Redfin)
Looking to buy a home in Nashville in the million-dollar price range? Here are some Nashville homes on the market now, to give you a sense of your options. If you have questions, need guidance or aren’t quite seeing what you’re looking for, reach ACRE here — we’d love to help.
Listings via MLS, not under agreement with ACRE and/or Benchmark Realty, LLC, except where noted.