Homes.com
Just like summer temperatures, Nashville housing prices keep on rising.
Driven by low interest rates, low inventory and changing demographics in larger cities, Music City has continued to attract new homeowners and renters throughout the pandemic.
The result: higher home prices and more and more apartments being constructed throughout the city.
Here’s a breakdown of the latest developments in Nashville housing, and what you need to know if you’re a newcomer or a long-term resident curious about how much your property is worth.
What to know
• With inventory of houses on the market at a historic low and strong interest in the Nashville area unwavering, it’s now common for homes to receive 25 to 30 offers in less than a week on the market.
Over the last month, dozens of homes sold for at least $30,000 over asking price, with some prices stretching far above. Why the market is so competitive.
• Homes in the Nashville Metro area are now worth nearly $32,000 more on average than they were last year, according to a recent Zillow report.
Typical homes in the Nashville area are currently valued at about $320,818 — 11% higher than last April and 1.3% higher than prices recorded this March. Still, experts say it’s not a housing bubble, read why.
• What about apartments? While occupancy in downtown apartments fell during the pandemic, they are bouncing back and so are rent prices.
In the first few months of 2021, downtown Nashville went from the city’s worst-performing area to its most in-demand neighborhood for apartment living.
The rapid recovery isn’t limited to downtown though. Here’s what you can expect throughout Davidson County.
• Wondering how much it costs to live in Nashville’s most popular apartment neighborhoods? Find out the hottest spots for new units throughout the area and how much they cost.
• You may have heard the news about Oracle coming to Nashville. Here’s what it would mean for Nashville’s housing market.
• Property values across Nashville and Davidson County are expected to rise a median 34% in the county’s 2021 property reappraisal, according to a report released in April.
Parts of North Nashville, Whites Creek, Southeast Nashville, Donelson, Madison and Antioch will see the highest increases. See where property values will grow the most in 2021 reappraisals.
• Did you know backyard housing units are now allowed in some parts of Nashville? The Metro Council recently approved a measure to allow single-family homeowners in the city’s urban district to build smaller housing units — known as “detached accessory dwelling units” — on their lots.
• Got a cool $25 million to spend? The most expensive condominium for sale in Nashville just hit the market. See inside the grand penthouse at Four Seasons Private Residences Nashville.
Sandy Mazza contributed to this report. Source.
