February 20, 2020, WALTHAM, Mass. —
The booming city of Nashville, Tennessee – which is experiencing unprecedented growth in its economy due to steady tourism, healthcare, and music industry growth – is again on our Top 10 Hottest Housing Markets list.
Nashville was rated the 30th best place for business and careers in Forbes’ 2016 ranking. For 2019, its ranking moved up to number 15 and that isn’t the only thing on the upswing. In our story three years ago, home prices-per-square foot were up 50% above pre-crash highs, and today prices are up 96%. Also, prices are up 109% in the last eight years from the city’s post-crash low (Q4, 2011).
This combination of population growth and job creation has insulated Nashville from any downturn – and these trends don’t look to be reversing anytime soon. The next big question Music City will have to face, however, is how to meet the demand for affordable, single-family homes.
“When we took a look at sales in the just last year of traditional single-family homes versus inventory on the market, it’s clear just how tight the market is,” said Tom O’Grady, CEO of Pro Teck Valuation Intelligence. “While that’s good news for sellers, it will be interesting to see how Nashville’s housing market shifts to meet the ever-increasing demands of buyers looking to make the city home.”
Click here to read the entire report, including data and graphs that further highlight market trends discussed in this release.
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