Real Estate News  

Eye on Nashville: Why Music City is Now a Top Five Real Estate Spot


Written By: Jaymi Naciri
Wednesday, October 24, 2018

ldquo;Nashvilles real-estate market bounded ahead of Seattle, Los Angeles, and other major markets as the nations fifth-surest investment bet for 2019, according to one of the industrys most comprehensive and influential reports,rdquo; said The Tennessean. ldquo;In the study, Nashville rose from 9th to 5th place this year.rdquo;

Nashvillersquo;s reputation as a top music city may be largely responsible for its growth over the last few years, but, thatrsquo;s only the beginning of the draw today. "Its really a story about affordability, employment growth, population growth and employment stability," Mitch Roschelle, a PwC partner, said in The Tennessean. "One thing thats really important now is no state income taxes. Thats becoming a bigger and bigger factor when people start making choices about where they want to live."

If yoursquo;re considering a move to Nashville, or simply looking for a place to put down roots, this top five real estate market may be for you.

The music

Whether yoursquo;re an aspiring musician or simply love the idea of being in a musical city, Nashville could be for you. The Bluebird Cafe is ldquo;where greats such as Garth Brooks and Taylor Swift played before making it big,rdquo; said Bellhops. ldquo;You should also check out South Broadway Avenue, the veritable heart of country music. While Tootsiersquo;s Orchid Lounge is the most famous venue on this strip, you can walk into any honky-tonk at any time of day and hear live music. The Ryman Auditorium was originally a church built in the late 19th century. Now it is well-known as an historic, beautiful, and popular music venue that hosts shows of all genres.rdquo;

The affordability

Nashvillersquo;s home prices seem like a dream for those coming from pricier markets, although the reality is a little murkier for those coming from lower-cost areas, and, especially, long-time residents who have watched home prices rise steadily. ldquo;Nashvilles housing costs have jumped more than 70 percent in the past six years, as new residents flooded the city at a rate of about 100 people per day,rdquo; said the Tennessean. ldquo;The surging prices have shocked residents and rapidly displaced lower-income people outside the city center, creating an affordable-housing crisis. But the 250,000 median cost of a single-family home in the greater metropolitan area is still just below that of the overall U.S. market.rdquo;

To put that in perspective, SpareFoot notes that a 2017 study >

A bright spot for buyers: the new-home market, which led to Nashvillersquo;s No. 1 ranking for home-building markets in the ULI report.

Vibrant neighborhoods

Downtown Nashville is a dynamic spot within walking distance of Bridgestone Arena, Nissan Stadium, and Broadway Ave. the main strip in Nashville, while Bellhops calls The Gulch ldquo;the fastest-growing neighborhood in Nashville. Located just a few blocks from downtown, this area boasts easy access to the interstate and some of the best new restaurants and bars in town. A word of caution: the cost of living continues to rise as The Gulch becomes more popular. For reference, though, it remains somewhat cheaper than downtown at the moment.rdquo;

Music Row is ultra-convenient to numerous recording studios, if thatrsquo;s your thing, but is also heavy on the rentals and college students. East Nashville ldquo;includes popular neighborhoods such as McFerrin Park, Greenwood, Lockeland Springs, Maxwell, and Eastwood. Through neighborhood revitalization, the focus of East Nashville has become more community-centered. Musicians, artists, and creatives have flocked to this neighborhood, which is now a haven for arts and culture.rdquo; Brentwood is 15ndash;20 minutes from downtown, meaning itrsquo;s still convenient for those who work in the city center but offers a more suburban-type environment with larger, single-family homes with yardsmdash;popular with young families and professionals.

The economy

According to the the Bureau of Labor Statistics, Nashville ldquo;had the lowest unemployment ratemdash;2.7mdash;of any metropolitan area in the US with over one million people as of February 2018. Nashville even beats out the metropolitan area of San Francisco, the US mecca of economic vitality,rdquo; said Quartz.

Bridgestone Tires and Vanguard Industries both have their headquarters in Nashville, and startups and tech companies like Emma and Cicayda are also abundant.

So much other stuff to do

ldquo;If theres one thing that Nashville, Tennessee is known for, its probably the country music. But yoursquo;d be pleasantly surprised to learn how much music city has to offer even if you donrsquo;t have a single country bone in your body,rdquo; said Bellhops. Have a picnic or watch a concert in Centennial Park, or stroll along the Cumberland River walkway, working up an appetite for the famous hot chicken. The cityrsquo;s abundant restaurants and breweries cater to just about anything you have a craving for. ldquo;Nashville cements its lsquo;It Cityrsquo; status with eclectic and fine dining establishments, such as City House and the Catbird Seat,rdquo; said Livability in its look at ldquo;8 Reasons to move to Tennessee."

The sports

Whether or not a city has its own professional sports teams can and does drive migration to the area. So many of those who are moving to Nashville love the fact that they can support the local NFL team, the Tennessee Titans, and the NHLrsquo;s 2017 Stanley Cup finalists, the Nashville Predators.



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