Nashville Condo Market Might Be Breaking Records Again

Dated: 03/12/2018

Views: 428

by TJ Anderson


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Something the Nashville Business Journal pointed out last week caught my eye: a new downtown Nashville condo listing, should it sell at the listed price, would set a new record price here. And it’s a serious wow of a record: at almost $4 million, the 2716-square-foot Phoenix Lofts penthouse at 207 3rd Ave. N. clocks in at more than $1,400 per square foot.


That’s a significant leap, even in a city that keeps setting records for condo sales.


A big high mark I remembered from not so long ago: a penthouse in the Adelicia in downtown Nashville set a record in 2014, at $1,070 per square foot. That per-square-foot record’s seemed to hold pretty strong, too — even as a penthouse sale in the new 505 high-rise on Church Street just set a new condo-price record ($5 million), its per-square-foot price was about the same. (The photo up top shows a 505 residence, and view.)


Who knows where this sale will actually land, price-wise, but I definitely agree with the Business Journal: The listing is an interesting bit of insight into the Nashville condo market, and its trajectory.


This doesn’t reflect condos for sale in Nashville on the whole


Before you hit the fainting couch: This, of course, is the top of the luxury condo market in Nashville, and still a significant distance from the average condos for sale in Nashville.


The median per-square-foot list price in Nashville of late has been hovering at around $200, and even as we were hitting median-price condo sales records late last year, it was still in a much more budget-friendly area: $223,450. (That was, however, up almost 20 percent from the year before.) 


So, point being, even as Nashville continues its rise as a “luxury home market to watch,” and Nashville’s cost of living continues to rise,  our average home listing is still charmingly average.


The median home value across the United States sits at a little over $200,000. Last year, homes in Nashville sold for a median price of $224,900. So, as far as the whole country goes, we're on the rise, but still in the middle.


For more concrete perspective/a peek at what Nashville condo listings look like a little closer to the average, here are a few properties I picked from the MLS, on the market now:


{mls: 1908892}

3427 Harpeth Springs Drive

Nashville, TN

$207,000

Heading out to the Bellevue area, you can still find great bang for the buck — this newer unit has 2 beds, 2 1/2 baths and 1216 square feet, is well-kept and has a great open layout in the main space, listed just over $170 per square foot.


{mls: 1908975}

2115 Yeaman Pl., Apt 220

Nashville, TN

$259,900

Sleek, industrial-tinged finishes in East Nashville, just across the river — so extra quick access to downtown, the stadium and the Interstate.


{mls: 1908602}

415 Church St., Apt. 1707

Nashville, TN

$279,900

Downtown high-rise living can be done, even on a more average budget — you’ll just have to live a little tighter. This 1-bed, 1-bath unit in The Viridian isn’t huge, at 648 square feet, but you have the whole city at your feet, tons of amenities in your building (including a rooftop pool and a full fitness space), and the big bonus of assigned downtown parking.


About to start hunting for a condo in Nashville, on the luxury side, the average, or somewhere in between? I’d love to help you track down the perfect fit. Call or email TJ Anderson Homes here.


Properties are listed with their own respective real estate firms, and not under agreement with TJ Anderson and/or Benchmark Realty, LLC, except where noted.

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TJ Anderson

TJ Anderson is a Nashville Realtor with Benchmark Realty who's helped countless clients both buy a home and sell a home in Nashville, Tennessee. He blogs about Nashville regularly, from Nashville-area....

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