Nashville is located on the Cumberland River in the north-central area of Tennessee, and is home to a large number of industries - health care, banking, publishing, transportation and education.
As the capital of Tennessee, Nashville is well known throughout the world as an arts minded city. Its nickname “Music City”, is a well-earned monicker since it’s home to the Grand Ole Opry and has a thriving music industry.
The real estate industry in Nashville, much like the rest of the country, has hit some bumps in the road, however the market appears to be on the mend.
Price per square foot - According to Trulia.com, Nashville homes fell by less than 1% compared to the same time period last year.
Median sales price - From December, 2011 to February, 2012 the median home sales price grew by 1.9% from the prior quarter and an increase of 4.5% from the prior year, reaching $158,200 - a very affordable price.
Home sales - During the same time period that sales prices grew, home sales fell by 64.5%. Right now Trulia lists nearly 4,000 resale and new homes and only 728 homes in various stages of the foreclosure process.
Listing price - The average listing price for the week ending May 9, 2012 was at $314,353, which was 1.4% higher than the week before. Sales prices over the last 5 years in Nashville have grown by 8.4%.
Popular Nashville neighborhoods include West Meade and Inglewood, listing prices on average of $452,598 and $184,306 respectively.
The Greater Nashville Association of Realtors reported 2,186 home closings in April - an increase of 25% from April of 2011. Closings up to April 2012 grew by 24.5% from those reported during the same time period in 2011.
Kendra Cooke, GNAR President, said “Total sales are the best we’ve seen since June 2010, which was the initial deadline for the First Time Buyer Tax Credit. While some of the increase can be attributed to normal seasonal trends, the high number of closings is a clear indication that the real estate market in this region is showing significant improvement. The continuation of historically low interest rates, increasing economic confidence and increasing rental rates are all factors having a positive impact on real estate sales.”
Cooke continued, “Inventory is down, but with overall inventory at a 9-month supply and residential inventory at a very balanced 6.5-month supply. Right now, sellers will want to be sure their homes are well-prepared for showing. While market activity is increasing, buyers are very focused on properties they visit being clean and fixed-up if they are going to seriously consider making a purchase.”
Real estate professional Jan Harbor said that, “Nashville is really on the ball. It was just voted as the No. 4 city in the country for job development by Gallup. Buyers are taking note of the growth potential here.”
Major corporations - GM, Amazon and Nissan as well as others are invested in the Nashville business scene, and it is home to twelve Fortune 500 companies who have their corporate headquarters situated there.
“The city’s consolidated government status makes doing business easier,” states Harbor.
“I am so excited to be a part of this thriving city where it is equally as great for business as it is a wonderful place to live, work and play,” continued Harbor. “I agree wholeheartedly with the Nashville Chamber’s slogan, Business is Good!”
According to the U.S. News Best High Schools 2012 rankings report, Tennessee schools received a number of awards, with two of the top-ranked schools being located in Nashville. Hume-Fogg Academic Magnet High School and Martin Luther King, Jr. Academic Magnet High School both received a Gold metal and were ranked nationally at number 49 and 81 - an amazing accomplishment.
There’s no shortage of fun things to do and see in Nashville. There are more than 100 music venues according to Travel + Leisure, who rated Nashville Number 1 for its live music scene, Number 8 for nightlife and Number 16 for food.
The downtown area, known as The Gulch, left its run down, abandoned reputation and has been reborn into a hip, urban environment with classy restaurants and lively night life.
The temperate climate, bustling atmosphere and lively city night-life combine to create a great place for both singles and families. With no state income tax and low business taxes, more buyers will continue to be drawn to Nashville.
Are you involved in the Nashville marketplace? Let us know what you think!