The country music capital of the world is home to Nashville, Tennessee. Also is known as “Music City” because music is rooted deep into the very heart and soul of Nashville. You can always find live music playing in Nashville at any one of over 150 live music venues dotted throughout town. Nashville is the home of the Country Music Hall of Fame and the Musicians Hall of Fame and Museum. Not to mention the Gaylord Opryland resort and convention center which hosts the Grand Ole Opry. And if that were not enough to sooth your ears, there’s also over 60 musical events and festivals throughout the year including the CMA Fest and the Americana Music Festival.
The real estate market in Nashville, TN is really hot right not now, as are most major metro areas in the US. However, Nashville sits above over 50 of the largest metros in the US in terms of year home value appreciation. From July 2016 to the same time this year, home values jumped a massive 13.2 percent. This surge in home values is rapidly changing the city’s neighborhoods and creating a great opportunity for real estate investment.
What’s fueling this red hot real estate market in Nashville you ask? Simple, its economy. The economy in Nashville has seen a good year over year economic growth coming in at round about 3 percent. Nashville is considered the center of the country music industry, however there are many industries that play a huge role in helping Nashville drive it’s economy ever upward. Banking, health-care, and transportation are the other major industries in the city. Many companies based in Nashville create products you may very well use every day. AT&T, Bridgestone/Firestone, Caterpillar Financial, Bank of America, Hospital Corporation of America, Vanguard Health Systems, Lyft, and U.S. Bank just to name a few.
You can’t have a great economy with jobs right? Jobs in Nashville are in no short supply. New business filings posted an 8.6 percent increase when compared to last year. Employment growth is increasing month over month by 2.2 percent over the national average and the expected job growth in 10 years is predicted at an astounding 47 percent. Despite all the job growth, Nashville still has a slightly higher unemployment rate than the national average which lowered from 5.3 percent to 5.1 percent since the beginning of 2017.
All of this new economic and job growth has to make room for the people moving into Nashville and the surrounding areas. Construction of new homes and multifamily units is in full swing. The fringe suburban areas of Nashville are seeing the majority of the new home construction. This is especially true on the Southeast side of Nashville around the Antioch area and further down I-24 towards La Vergne where new subdivisions are popping up left and right. Some people may worry about the pace of the growth in the area creating a bubble, but we agree with most of the experts who say that the development pace for homes hasn’t outrun the demand yet and doesn’t look like it’s slowing down soon.
If you’re looking to move to Nashville or any of its suburban cities, consider looking at our rent-to-own homes in Nashville.