A new study of the hottest real estate markets in the country from PricewaterhouseCoopers and the Urban Land Institute is out, and it’s topped by Dallas Fort Worth, a region that has experienced extreme growth over the last several years. However, another city on the list caught our eye, and not just because we’re big music fans: Nashville.
“Nashville’s real-estate market bounded ahead of Seattle, Los Angeles, and other major markets as the nation’s fifth-surest investment bet for 2019, according to one of the industry’s most comprehensive and influential reports,” said The Tennessean. “In the study, Nashville rose from 9th to 5th place this year.”
Nashville’s reputation as a top music city may be largely responsible for its growth over the last few years, but, that’s only the beginning of the draw today. “It’s really a story about affordability, employment growth, population growth and employment stability,” Mitch Roschelle, a PwC partner, said in The Tennessean. “One thing that’s really important now is no state income taxes. That’s becoming a bigger and bigger factor when people start making choices about where they want to live.”
If you’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.
Whether you’re an aspiring musician or simply love the idea of being in a musical city, Nashville could be for you. The Bluebird Cafe is “where greats such as Garth Brooks and Taylor Swift played before making it big,” said Bellhops. “You should also check out South Broadway Avenue, the veritable heart of country music. While Tootsie’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.”
Nashville’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. “Nashville’s 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,” said the Tennessean. “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.”
To put that in perspective, SpareFoot notes that a 2017 study released by GoBankingRates “revealed that Nashville has seen the greatest year-over-year cost of living increase in the nation. But, a salary of $70,150 will allow you to live comfortably in Nashville—more than some other popular cities, but far less than other hot markets in the Top 20.
A bright spot for buyers: the new-home market, which led to Nashville’s No. 1 ranking for home-building markets in the ULI report.
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 “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.”
Music Row is ultra-convenient to numerous recording studios, if that’s your thing, but is also heavy on the rentals and college students. East Nashville “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.” Brentwood is 15–20 minutes from downtown, meaning it’s still convenient for those who work in the city center but offers a more suburban-type environment with larger, single-family homes with yards—popular with young families and professionals.
According to the the Bureau of Labor Statistics, Nashville “had the lowest unemployment rate—2.7%—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,” 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
“If there’s one thing that Nashville, Tennessee is known for, it’s probably the country music. But you’d be (pleasantly) surprised to learn how much music city has to offer even if you don’t have a single country bone in your body,” 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 city’s abundant restaurants and breweries cater to just about anything you have a craving for. “Nashville cements its ‘It City’ status with eclectic and fine dining establishments, such as City House and the Catbird Seat,” said Livability in its look at “8 Reasons to move to Tennessee.”
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 NHL’s 2017 Stanley Cup finalists, the Nashville Predators.