Did you see the recent Nashville Business Journal article announcing we have more cranes than New York, Austin, Denver and San Francisco? While it isn’t totally apples to apples, the explosive growth of Nashville is not a myth! Granted, several of the cranes we are seeing have to do with office buildings, hotels and other business developments. Still, there are a number of mixed use buildings, apartments and condos coming soon as well. What does Nashville’s construction boom mean for potential home buyers and sellers?
Home buyers
All signs point up for home buyers. There remain pockets of Nashville that offer proper single family homes, but the home values are quickly rising. That means if you are a home buyer looking for a place near downtown Nashville, expect to pay a hefty sum or start looking at other options. The next choice is to noBrand-new condos and town homes are being built throughout downtown and even its immediate areas like Bellevue and Antioch.
Though there has been a trend in recent years bringing homeowners to urban areas, many are looking for affordable options outside of Nashville that offer easy commutes and opportunity for quality family life. The areas showing the most signs of growth are Lebanon, Nolensville, Mt. Juliet, and Madison. Several new communities and home builders are working furiously to offer new housing options for home buyers in these areas.
Home sellers
Bottom line is it’s an excellent time to be a Nashville home seller. In fact, last month was a record for the Middle Tennessee housing market. Homes are now on the market a scant 57 days on average with prices up almost 10% from the same time last year. Considering that this is traditionally the slowest time in the real estate market, there is no indicator that anything will slow this spring or summer. Obviously as more new housing options enter the market, it could mean home sellers have more competition in the future.
Are you ready to buy or sell in Nashville? Call DeSelms Real Estate today at 615.550.5565 and let one of our award winning agents help you get started today!