Is Nashville Still Booming?
Yes! Over the past decade, Nashville has been one of the nation’s hottest real estate markets, attracting out-of-state investors in droves. Music City landed in the No. 5 spot on WalletHub’s August 2022 ranking of the best places to buy a house. The financial advice website based their list on investment criteria such as economic strength and average property value growth.
What makes Middle Tennessee such a consistently attractive place to live, work, and enjoy leisure activities?
1. A Robust Economy
Typically, cities experience a population boom due to economic growth, and Nashville is no exception. Major employers with a national or regional headquarters in Middle Tennessee include Nissan, Bridgestone, Oracle, Amazon, and HCA. The diverse range of industries with a presence in the Nashville region have made the economy remarkably resilient, even during historic crises like the 2008 economic recession and the ongoing COVID-19 pandemic.
Factors that attract companies to the Nashville region include the affordability of doing business here, the proximity to three interstate highways, and the high quality of life people enjoy. The growing job market and historically low unemployment rate have made Nashville one of the top markets in the United States – a trend with ongoing momentum.
2. Investment Opportunities
In 2022, PricewaterhouseCoopers classified Nashville as a “supernova” real estate market with excellent overall prospects. Though the population and economy are booming, housing prices in Middle Tennessee are still relatively affordable compared to other large U.S. cities. Your paycheck can stretch further, thanks to a low cost of living and no state income tax.
Over the past five years, home values in Nashville have increased by more than 85%. On the most recent housing affordability index report from Kiplinger’s Personal Finance, Nashville scored five out of 10 – lower than cities like Virginia Beach, Denver, Seattle, San Antonio, and Phoenix.
3. Quality of Life
Despite being a rapidly growing, highly diverse metropolitan area, Middle Tennessee has an abundance of charming communities with a small-town, welcoming feel. Whether you are planning to retire, start your career, or grow your family, Nashville is an excellent place to buy a home and put down roots.
In addition to Nashville’s famous nightlife and live music scene, the city is home to world-class hospitals, an expansive public park system, three major-league sports franchises, and nationally ranked colleges and universities.
There’s Never Been a Better Time to Invest in Nashville Real Estate
If you’re considering moving to or within the greater Nashville region, the Legacy South team is here to help you. We have carefully evaluated and cultivated relationships with some of Tennessee’s leading mortgage lenders through our Lender Select program. You can choose to work with these trusted partners to help you find a home loan that meets your needs.
At Legacy South, we build timeless homes with careful craftsmanship and meticulous attention to detail. Contact us today to learn more about investing in one of the country’s most vibrant real estate markets.