Housing in Nashville
is so scarce that I’ve taken to pleading current homeowners to put their houses
on the market with a PSA of my own creation. Of course, the high demand and low supply is driving prices up; in January 2014, the median
residential price for a single-family home was $195,000, up 17 percent from 2013.
Meanwhile, inventory (8,534 units) for single-family homes in Nashville is down
by 8.6 percent from this time last year. Much of this can be
attributed to the fact that we’re the tenth fastest growing American city of
our size, according to the U.S. Census, and there are far more people looking for homes than there are people looking
Want to know which 9
cities are growing faster than us? Of those cities with metropolitan
statistical area populations of 1 million or more, here are the frontrunners in
population growth from 2011 to 2012:
Orlando, FL Raleigh, NC
Dallas-Fort Worth, TX
San Antonio, TX
Of note, the
slowest-growing metros were: Cleveland, Ohio, Buffalo, New York, and Hartford,
Connecticut. None of the slowest growers are in the South; instead all are
concentrated in upstate New York and the Midwest.
Says the Nashville Area Metropolitan
Planning Organization, “The greater
Nashville region is poised to grow by leaps and bounds over the next couple of
decades. Across the 10-county Cumberland Region around Nashville, the MPO
forecasts close to another million people by the year 2035 … In planning for
our future, we must realize that we will be different in the years to come. By
2035, our region will be larger than the size of the Denver region is
today—that’s the magnitude of growth for which we must plan.”
The 10-county Cumberland region, which was home to 1,700,000
in 2008, is forecast to be home to 2,600,000 by 2035.
So what does that mean for our city? It means that there’s a
lot of excitement ahead for us (or annoyance and cause for concern, depending
on your viewpoint), even as we scramble to devise solutions for mass
education, and housing. Luckily, the job market in Music City is staying in
step with the population increase as of yet. Luckily, for a city of this size,
we are currently leading the nation in job growth.
The good news for housing is that the market is remaining
stable and growing. And the coming months will likely see additional inventory,
as sellers put their homes on the market in anticipation of the spring buying
I love Nashville as it is—always have—but am also excited
for this new chapter. What about you?
Author:TJ Anderson Phone: 615-364-1530 Dated: February 25th 2014 Views: 2,425 About TJ: TJ Anderson is a Nashville Realtor with Benchmark Realty who's helped countless clients both buy a h...
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by TJ AndersonBy early afternoon on Friday, I’m feeling pretty good
"I highly recommend T.J.! He was super professional and knowledgeable about the home market in Williamson county. T.J. was always really fast to get back with me which was a breath of fresh air compared to other lackadaisical realtors I have worked with in the past."