What’s Going On With Metro Nashville Housing?
If you are planning to move to the Nashville metro area, you’re probably wondering about the cost of homes. Luckily I’m going to disclose all the information I have about this topic.
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Nashville has always been known for “country music city”, but that statement is slowly changing. Many new companies and entrepreneurs are embracing what the city offers. Nashville metro at the current moment has roughly 1,600,000 Nashvillians / Middle Tennesseans and increasing daily.
The three largest counties by population are:
• Davidson County
• Williamson County
• Rutherford County
If you’re not familiar with the Nashville area you will find many new high-rise apartments being built. However, 90% of the homes that are going to the market are detached homes. Due to the vertical growth in population the median home value in the metro Nashville is $164,600 with an average list price of $367,000.
The typical home being sold in metro Nashville is a three-bedroom home with a value of $258,089. If you are considering a home in this price range you will need good credit. The average mortgage interest rate is 3.95% (if you can get a better rate then great!), which will generate an approximate $1,155 monthly payment. The down payment will require $51,618 cash down and the property tax rate will be $7.60 per $1,000 of the assessed value.
Disclosure: property tax may be slightly different, so please do not think these rates are concrete. It is subject to change.
Why Nashville all of a sudden?
Even though Nashville is the only city that has a TV show named after itself that is definitely not the reason why people are moving to Nashville. Nashville is growing due to a big increase of job opportunities that middle Tennessee offers. Such industries like technology and healthcare are big contributors to the vertical increase of the population in the Metro Nashville area.
So What Does That Mean For The Future Of Metro Nashville & Middle TN?
Well the demand for housing will increase. As the demand for housing increases eventually the supply of homesteads start to decrease. This is depending on how fast houses are selling when they hit the market. When this occurs you’ll start to see housing purchase prices to increase. So if you ever wonder why house prices are soaring in your area if you’re living in Nashville, this is one of the few factors why.
For the next few years I predict this trend will remain constant because of so many communities/subdivisions are being built continuously. But once the housing development plateaus and housing becomes harder to get because of the shortage of houses to be occupied, while more individuals are trying to move to the area, prices will then begin to climb again at even higher rates.
No matter what side you are going to be on as a buyer or seller, everything will be depended on timing.
Please feel free to get ahold me at anytime. If you would like a free market analysis of your home I am happy to meet with you. I am a face-to-face type of person. I encourage you to call me to schedule something ,so I can give you the most undivided full attention you deserve. I look forward to working with you.
Your Trusted Middle TN Realtor