Updated: Jan 30
Somehow, it has already been almost half of a year since I have moved here from the Emerald Coast of Florida to the bustling city of Nashville. Telling people that I made the choice to move North is usually met with scrunched noses and quizzical looks as at least half of this city chooses my hometown on Destin to be their vacation spot.
Trust me, the irony is not lost on me. However, I have had a crush on this town for at least a decade as trips to visit family and more recently visiting my girlfriend, Katelyn brought me here and I was able to firsthand see the incredible changes being made.
Gradually, yet seemingly overnight, Nashville has transformed itself from being known as the Music City, to being a bustling city with a center for hospitality, and business. Google, Amazon, and Bridgestone, among others are moving to this tax haven of a state and revamping the landscape. A quick trip around the city you can easily spot upwards of fifty cranes as they dot the skyline.
Maybe you are where I was… moving here for work or considering checking out the numerous possibilities and Nashville is among your top few choices. The key question we need the answer to today is this: How can you take advantage of Nashville’s current market?
A little insight
We hear all the time the boasted stat of, “100 People a day move to Nashville!” which ends up being a little high (its more around 60). But still is an incredible number. We are also seeing more businesses and people from the East and West coasts come than ever before.
Bridgestone, Google, Alliance Bernstein, and the mighty Amazon have either already planted their flag around the capital, or will be doing so in the next few months. And these are just the big fish, many other (comparatively) smaller businesses will be headed here in the coming months. These businesses are bringing stadium loads of skilled, high paying jobs to the area, directly influencing the Real Estate market.
When getting asked here what the current status of the Market is, it’s a question that takes a bigger dive into than how it first appears. We are currently sitting in a hybrid market, which might just be something that I have just horribly coined, but with homes at an all-time high in their values, (some more than tripling in value in the past ten years!) as well as the heavy influx of people keeping the months supply low at 2.8, it is very valuable, if you take the right steps, to either buy or sell your home with the fullest intent on making a profit.
Positioning yourself for success in Nashville’s Hot Market
A swift analysis above will show you what people mean when they reference Nashville’s Hot Market. The above table is filtered by the ROI in the past 10 years. Even locations in the bottom half are enjoying an upwards of almost a tripling in their home’s values.
This is unheard of in most parts of the Nation.
The good news? We aren’t coming close to slowing down. Every suburb has its own flavors and sounds that attract their residents, choose wisely!
STR’s (Short Term Rentals) are also incredibly popular here. Recent Rankings have Nashville at the #4 Best City to Spend a Weekend and Thrillist named Nashville as the #4 best place to spend a three-day weekend. Just a quick stroll down Broadway anytime this weekend will prove this correct! #2 Bachelor Party Capital (behind Vegas for some unknown reason) and the #1 Bachelorette Party capital of the World! How many groups of pink tutus can you spot on a Friday night? I bet its too many to count without taking your shoes off.
Coming from NYC?
Downtown condo prices are half of what you can find in New York, and with three major projects coming soon, BroadWest, 4 Seasons, and rentable living in The Place on 5th and Broadway. This will help accommodate the high amount of people (over 70%) that drive in and out of the city to work every day, as well as help the booming downtown businesses.
If you are currently in NYC, for example, to have a condo under 500K, you would maybe have a toaster, and a bed the size of a dog crate with views that overlook the dumpster from that Chinese restaurant. Here, is a much different story. Exceptional views of the rising sun, to the overarching horizon are common place. Being able to see the Titans Stadium as well as the Cumberland River are 4x cheaper than what they could possibly be in New York. Even the astounding 4 Seasons that is slated to open up its sales doors here in early March 2020, will have a combination of those as well as all the amenities under the sun, our first very own five-star location.
Looking to Invest?
One of the biggest surprises here in the past five years are the amount of rebuilding that is happening. Former neighborhoods that have been considered “rough” have been or are being revitalized to become strong destinations for amazing restaurants, and local music. These are where you are seeing the biggest return for your dollar. Places such as East Nashville, Buchanan, The Nations, and Wedgewood-Houston are lively, safe, and full of potential.
The number of buyers that are quietly flipping homes and turn them into rentals for the large college population here, or even full on flatten-and-flippers are enjoying a large ROI. The latter, especially in Brentwood and Green Hills are enjoying a ROI over 50%. Feel like making that kind of a return?
Older homes close to town are commonly being flattened and two tall, skinny HPR’s are being built there and the investors are reaping in the rewards. Even in the amazing neighborhood of Green Hills, where the best schools are, and some of the biggest lots, are seeing a surprising number of investors come in and build multimillion-dollar homes.
All in all, buying, selling, or investing in Nashville is becoming quietly more popular than bacon on a burger (or an avocado on toast.)
Any questions? Feel free to reach out!