Nashville, Tennessee, is one of the best places to live in America, with the Business Insider ranking it number 15 out of 50. Why such a good score? Texas in general is an incredible state and hugely popular with students and budding young professionals looking to make a name for themselves.
The US Census Bureau reported 6,910,840 people are living in Tennessee as of April 2020. Those residents occupy the flourishing range of real estate from small city apartments to a home in Brentwood — a suburb consistently voted the best place to live in Tennessee — there’s no shortage of places to buy or rent. But why are experts viewing the Tennessee property market as the hottest? Let’s Explore.
It’s A Seller’s Market
The term seller’s market refers to the fact there is a limited number of houses on the market compared to the number of people trying to buy. There has been a massive post-pandemic influx of residents wanting to move and outsiders wanting a taste of the laid-back lifestyle and hospitality Tennessee has to offer. Figures on show Realtor.com, there are currently 6,121 houses for sale and 1,748 properties to rent, which is a considerable amount, thus proving the Nashville property market must be hot if there are enough people searching for a home that 6,121 isn’t enough.
According to Norada Real Estate Investments, the average cost of a house in Tennessee was $400,000, which went up by 26.6% from 2020. They also reported that in Nashville alone, 498 condos, 420 townhouses, and 67 multi-family units were for sale in July 2021. Every part of Tennessee, from East to West and North to South, is experiencing a boom in buyers making it hard to find a property.
Although Nashville’s property market is slightly more pricey than other parts of Tennessee, Zillow noted there’s been a 16% increase in the prices of houses since 2020, which is for most global housing markets. There was a pandemic-induced lull in housing sales, which caused a temporary dip in prices. There are also other things to factor into the cost of moving to Nashville. Don’t let the relatively steep housing prices scare you. However, there’s a lot of bang for your buck. Even Homeowners insurance in Nashville is bigger and better in Nashville, with the average yearly price sitting at around $1863 compared to a national average of $1,312.
As well as being voted the hottest property market in 2021, WalletHub ranked Nashville as the 4th best real estate market in the whole of the US. There are a few things they attributed the award to.
The Lure Of Nashville
WalletHub ranking factored in the activity of the real estate market, how much property value increases by, and the strength of the local economy. Nashville has a thriving economy. In 2017, it was voted the fastest growing economy in the US, and the growth hasn’t faltered. Residents enjoy the endless career and business opportunities. That’s why it’s such a bustling metropolis full of students and career-hungry youngsters – as well as being a haven for budding entrepreneurs.
There’s a great culture and welcoming atmosphere anywhere in Texas, but Nashville is arguably one of the best – and it’s one of the reasons why so many local Texas move cross-country to live there. It was even crowned the music city. There are bars playing music until the early hours of the morning. You’ll find shops, restaurants, and cafes in abundance, and you’ll generally find it’s easy to socialize and meet new people.
Experts Forecast A Strong Future
2022 is expected to be another good year for Nashville. As well as commenting on the current state of the property market in the US, Zillow predicted the future. They believe the real estate market will follow a continuation of the increase in home prices, estimating they will rise by 14.9% over the next year. Technically, this isn’t the best news for buyers, but it is for those looking to invest in property. Although remember what we said earlier, the square meterage you get for the average Nashville home is insane.
What is the reason for a continued increase? There’s an imbalance between buyers and sellers which is driving the price of houses through the roof. And, there’s been a steep population increase — which grew by 10.8% between 2010 and 2019, meaning there’s an influx of people needing homes. That potentially means that the imbalance between buyers and sellers will be ongoing for a long time.
The property market in Nashville is definitely one of the hottest. Even people from other states such as New York and California are contributing to the rise in the number of people wanting to buy a property. Check out the housing market and see if there’s anything you like!