Looking to buy a new home in the Nashville area? It’s certainly an exciting time to do so. While always known as the center of the country music world, there’s now a whole lot more incubating in this city — from top-of-the-line restaurants to rising tech companies. Put it all together, and you have a housing market that’s as hot as this city’s famous fried chicken.
Here’s what you need to know if you’re looking for real estate in Music City.
What’s going on with the Nashville real estate market?
The Nashville market has been on the rise for several years now. With a booming job market in multiple industries and historically low-interest rates, more folks than ever are putting down roots in the Tennessee Capital.
Even the COVID-19 pandemic failed to slow the wave of home value increases — in fact, remote workers from near and far may have used the opportunity to flock to Music City. Given this trend, it’s unsurprising that Nashville is attracting a large share of buyers who are new to the area and Tennessee as a whole. While Nashville real estate prices may baffle those relocating from other places in the South, they’ll still feel relatively modest compared to a buyer from New York City, Los Angeles, or San Francisco. Add in a favorable tax situation in Tennessee, including no personal income tax except on interest and dividends, and it’s no wonder that the transplant trend has been as strong as it is.
While the Nashville metro area is certainly in flux, with lots of new residents and a hot market, the things that first drew so many to the area — a sense of community, plentiful job market, and unmatched music and culture scene — are going strong. That makes right now the perfect time to carve out a little piece of the Nashville experience for yourself.
Take a look at the latest selection of Bungalo homes in Nashville before getting familiar with all the exciting areas to explore once you move in.
Finding your way around Nashville
Whether you’re a country music lover hoping for an easy commute to top concerts or a new family looking for a safe place to call home, there’s something for everyone in Nashville.
Your tour of the city begins downtown — the center of the action. This part of the city is filled with world-class restaurants, professional nightlife and, as you’d expect, country music. Take a stroll down Broadway and stop in a honky-tonk club for a drink (or two) and some live music. Walk a few more blocks and you’ll be in Music Row, the center of the country music industry. Other highlights of this area include the Country Music Hall of Fame and the Frist Art Museum.
From downtown, Nashville expands out in all directions. Across the Cumberland River lies East Nashville. New home buyers are moving in to take advantage of the increase in new businesses and relatively affordable prices compared to many of the other parts of the city. It’s truly a place with something special brewing.
To the south and west of the city center, meanwhile, lie Vanderbilt and Belmont Universities. The neighborhoods in the area are filled with college energy, including a variety of restaurants, bars, and boutiques. Other highlights include Centennial Park, featuring a full-scale replica of the Parthenon. While there are plenty of renters in this part of town, it’s still possible to find a comfortable duplex or single-family home for you and your family.
Understanding housing affordability in Nashville
There’s no way around it: Nashville isn’t cheap. And, the way the market is going, it won’t be cheap any time soon. That’s both good news and bad news, depending on your finances. While that does mean the stock of affordable options is dropping, those who can get in now should expect to see the value of their new home continue to grow in the years to come.
According to reporting from the Tennessean, the average Nashville home price went up by $32,000 in the last year alone, up to an average valuation of $320,818. Many houses, however, are going for well over their asking price these days.
While prices have skyrocketed, the total housing stock hasn’t had a chance to keep up, with the total inventory of houses on the market at a historic low. While new development could spur new listings and more affordable options, it’s certainly a “seller’s market” in Nashville these days.
Other markets near Nashville
It’s not just Nashville proper that has a lot to offer. If you’re looking for a little more space to stretch out for your dollar, these suburbs in the greater Nashville area may be ideal spots to shop around.
Brentwood
Glitz and glamor meet the down-home life in Brentwood. This upscale suburb has long been the home of some of country music’s biggest stars. That doesn’t mean you need a radio hit to call this town your home. Top public schools and a plethora of parks and green spaces are also big draws.
Franklin
When you want both charm and fun, you want Franklin. The city’s downtown historic district has been named to the National Register of Historic Places thanks to its well-preserved Victorian architecture.
Murfreesboro
A major city in its own right (sixth-largest in Tennessee), Murfreesboro has all of the amenities you’d expect of a place its size, while still providing easy commuter accessibility to Music City. Top attractions include Middle Tennessee State University, the largest school for undergraduates in the state, a historic Civil War battlefield, and a blossoming arts scene.
Looking to simplify the Nashville home buying experience? Try buying from Bungalo. All of our homes come with 90-Day Post Close Protection, meaning we’ll cover anything that doesn’t meet our Bungalo Certified standards for 90 days* and a 1-year warranty to provide you with the peace of mind to move in and enjoy. To find the perfect Bungalo home for you in Nashville, visit https://bungalohomes.com/homes/nashville-tn
This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Bungalo always encourages you to reach out to an advisor regarding your own situation.
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