When you think about Nashville, you probably think about country music. However, that’s not the only thing Nashville has to offer—a strong economy, affordable housing, great food, and both indoor and outdoor entertainment options make Nashville a go-to destination.
In fact, Nashville is now the 4th hottest real estate market in the country. A great choice for young professionals, it has no income tax, like all of Tennessee, and is full of great businesses that make it an easy choice for those looking to settle down. Here’s what you need to know about the Music City.
The Nashville metro area is home to more than 1.9 million people. Nashville is ranked 7th for gaining young professionals and due to this booming population growth it’s now the 2nd fastest growing economy in the county. A great economy to be a part of. Plus, Nashville is consistently ranked one of the hottest job markets – ranking 2nd in 2020.
Sectors like healthcare, transportation, finance, and professional and business services, are seeing tremendous growth bringing top employers like Amazon, HCA Health, and Vanderbilt University Medical Center to the Music City. With a low unemployment rate of 4.4% (below the national average of 6.2%), prospects looking for a great job can look to Nashville with confidence.
There’s plenty to do when not working in Nashville. Known as the country music capital of the world, it boasts many must-see sites—including the Grand Ole Opry, Ryman Auditorium, and the Country Music Hall of Fame and Museum. Country music not your thing? Outdoor attractions like the Parthenon and historical sites like Andrew Jackson’s Hermitage are great for exploring. Plus, downtown, has all the shopping and entertainment you need. With so much to do and a high quality of life, it is no surprise that Nashville is consistently ranked as one of the best cities to live for young professionals/millennials by sites like U.S. News.
Real Estate Trends
Now that you’re sold on the city, let’s talk about the housing market.
In the past 10 years, Nashville has experienced a real estate boom. However, prices have stayed affordable compared to other major cities. The pandemic accelerated this boom and led to a 7.8% appreciation in home prices over the past year. Now, the median home price is $357,150 – up from $320,000 a year before.
Contributing to this price increase is a severe shortage of homes. In February of 2021, there were only 4,477 homes on the market – down from 9,093 in 2020. Interest rates are likely to remain low, so there will continue to be more buyers than homes in 2021. This means that home prices will likely continue to rise in 2021. So what now? We promise it’s not impossible!
How to Buy and Sell in Nashville
While Nashville has been an affordable market, shrinking inventory and low interest rates are driving prices up. If you want to buy a home in Nashville, you’re going to have to have everything set and ready for competition. Not to worry – we’re here to help. With Ribbon’s cash offers, it’s easy to stand out and win the home of your dreams. For qualified buyers, we’ll turn offers into all cash and abolish the contingencies that make it so difficult for deals to close. Plus, we now have an appraisal protection, so you’re a more sure bet than ever before.
Looking to sell? Now is a great time to do so, as your home will likely sell fast and above market rate. But buying a home while selling can be tricky in a market as hot as Nashville. Ribbon can help with that, too. With our buy before you sell program, you can secure your next home before even listing your current one. That way, selling is a stress-free process.
Ribbon can help agents on both sides of the deal stand out with a modern buying and selling experience. So, you can create a great client experience and get more referrals. Learn more about how Ribbon can help you or your clients buy or sell better today.