Nashville Real Estate: The November Digest
Nashville’s evolution over the last decade has been truly remarkable to witness. From the proliferation of high-end dining and retail across the city to huge developments boosting Nashville’s national profile, the growth of this southern city has been astounding. A key feature of this evolution has, of course, been the real estate market. Watching the numbers and cranes rise across the city could give even the most seasoned real estate veteran whiplash.
Good News
As median home prices change due to increased housing development in the city, the market received some truly good news earlier this month. According to Pricewaterhouse Coopers and Urban Land Institute’s annual Emerging Trends in Real Estate report, Nashville’s real estate market shot past Seattle, Los Angeles, and other major markets to become the country’s No. 5 best investment bet for 2019. The Tennessean notes that Nashville has ranked in the top 10 real estate markets nationwide for the last four years consecutively, and the recent jump from ninth to fifth place overall bodes well.
Neighborhood With the Most Homes For Sale
East Nashville continues to lead the charge as the neighborhood with the most homes for sale. The area currently has over 380 homes listed on Neighborhoods.com with a median sale price in the mid $300s and an average of $224 per square foot. East Nashville has only become more popular over the last decade, and—by virtue of its sheer size—the area always has more homes going on the market and more space available for development.
Most Popular Neighborhoods
View homes for sale in The Woodlands
It wouldn’t be unreasonable to say that the buzz surrounding other neighborhoods like East Nashville and North Nashville had largely eluded South Nashville until recently. Neighborhoods like Brentwood, in particular, were developed in the 1990s, just recent enough that a “revival” would be too soon. Closer to downtown though, neighborhoods like Woodbine and Creive Hall have seen healthy and accessible median sale prices in the high $200s and the mid $300s, respectively. New residents are flocking to the area as an affordable alternative to East Nashville. One exciting development to watch is The Woodlands neighborhood where developers are bringing more urban-style townhomes to the south side. The community will largely consist of 2,500-square-foot townhomes and condominiums priced in the low $300s.
Where Our Users Are Searching
The homes that Neighborhoods.com users searched this month can be largely divided into two categories—established communities and developing neighborhoods. The first category sees users searching for homes in communities like Bancroft, Burton Hills, and Lenox Village. These communities date back to the early 2000s, 1990s, and even the late 1980s. Their prices range drastically from Lenox Village, where the average price per square foot is $167, to Bancroft where the same metric is nearly $400. Regardless of price difference, each neighborhood is a Nashville mainstay and a little over a 20-minute drive from downtown.
On the more urban side of things, users have been searching for homes in the Buchanan Art District to the north and The Nations to the west. While these areas have long been home to Nashville residents, with houses dating back to the early 20th century, the development of new homes and townhomes in the area has really taken off in the past five years. While they’re each beloved by millennials, both neighborhoods offer different price points. The average home price in the Buchanan Art District is in the mid $200s compared to the low $400s in the Nations. These neighborhoods are perfect for first-time homebuyers looking to live within 10 minutes of downtown.
Most Expensive Neighborhoods
View homes for sale in 12 South
Unsurprisingly, the top three most expensive neighborhoods in Nashville of late are 12 South, with a median home price in the low $700s, Green Hills, with a median price in the high $700s, and Edgehill where the median home price is in the mid $600s.Close behind these three are Belmont and Hillsboro Village. Aside from their similar price range, all five neighborhoods are in south or southwest Nashville, and they’ve been popular for quite some time. These neighborhoods are no longer up-and-coming hot spots, but rather solid investments only growing more valuable over time.
Affordable Neighborhoods
Nashville’s most affordable neighborhoods this month are a bit surprising. It’s unusual that neighborhoods so close to the heart of the city aren’t seeing exorbitant price hikes, but, according to Neighborhoods.com data, Demonbreun and SoBro have median home prices in the mid $300s. These areas have experienced massive development in the last several years which has likely increased the number of available properties. Such developments include Rhythm Condominiums, Encore, and The Adelicia.
Neighborhoods With Lots of New Construction
View homes for sale in Sylan Park
As mentioned above, East Nashville is steadily expanding, but West Nashville is very close behind in terms of construction and development. Neighborhoods of West Nashville like Sylvan Park and The Nations are experiencing rapid development. Recent projects like Sylvan Summit and Croleywood are at the forefront of this expansion, bringing West Nashville new townhomes within 15 minutes of downtown. While some of these developments were recently completed, a number of them are still underway, and there will surely be more ground breakings ahead for this Nashville neighborhood.
The Takeaway
The fourth quarter in Nashville is certainly off to an interesting start, and it’ll be exciting to see where these new developments take the city over the next few years. Recent reports seem largely contradictory, but pricing trends are healthy. While the city may be experiencing a cooler market compared to other months, it was also just dubbed one of the top five real estate markets in the country. South Nashville has an edge on its neighbors to the north and east, but those markets are still thriving in a way the city hasn’t seen in years. Long story short, it’s a good time to buy in Music City.