flexiblefullpage - default
Currently Reading

Are Million-Dollar Homes Shrinking?

billboard - default
Market Data + Trends

Are Million-Dollar Homes Shrinking?

As home prices soar to new highs across the U.S., buyers are competing for more expensive homes with smaller footprints

August 30, 2022
California homes in suburban neighborhood
Image: Stock.adobe.com

After years of record home price appreciation, the average $1 million home today has a much smaller footprint, fewer bathrooms, and is older than the million-dollar homes of 2019, Zillow reports. The median square footage of a million-dollar home in the second quarter of 2019 was 2,900 square feet, and by the end of June 2022, the median square footage of a home with a $1 million price tag was down to 2,624 square feet, a 9.5% decline in three years.

Million-dollar “shrinkflation” is most prevalent in cities like Phoenix, Austin, Los Angeles, and San Diego, where fewer new listings are creating tighter competition for smaller and more expensive homes.

While the decline was less than 300 square feet for the nation as a whole, other markets such as Phoenix saw the median size of its million-dollar homes drop more than 1,000 square feet, from 4,049 square feet in 2019 to 2,933 this past quarter. Nashville, which, like Phoenix, experienced an especially hot pandemic housing market, saw the typical million-dollar home drop from 4,200 square feet to 3,181. There were only two metros where the size of a million dollar home increased – Minneapolis and St. Louis. While the spatial gains in Minneapolis are minimal at only 36 square feet, St. Louis’ median million-dollar home gained 406 square feet, about a room and a half.

Read more

leaderboard2 - default

Related Stories


Multifamily Rental: Big House, Big Impact in Texas

At Hermosa Village near Austin, Texas, modern farmhouse-style apartment buildings and a creative amenities package make this high-density multifamily rental development a standout

Exclusive Research + Data

Design Trends Survey: What's in Store for Housing's Look and Feel

A recent survey of architects and design-minded home builders reveals what's in store for the look and feel of housing during the next three to five years

House Review

4 Detached Home Plans That Reduce Building Costs

Current conditions make providing affordable detached homes even more challenging. These designs offer solutions

boombox1 -
native1 - default
halfpage2 -

More in Category

Get your sales and marketing teams together to create and deliver a consistent brand message from start to finish

Pundits may not agree on the timing nor the severity of the next economic downturn, but one thing’s certain: these 10 essential tactics will boost your business' efficiency, productivity, and profit

A closer look at what’s propelling the adoption of off-site construction methods in home building

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.