Nashville Housing Market: Trends & Prices
Nashville Real Estate Market Overview
(Last Updated – 6/2023)
While some know of Nashville as the Country Music Capital of the World, others know it as a great place to live. In fact, U.S. News has named Nashville the 3rd best place to live in Tennessee.
The access to amazing music is part of the Nashville appeal, but so are the unique museums and architecture. Foodies have as many vegan options as they do barbecue.
Not to mention, it’s considered to be an affordable city compared with other major U.S. metro areas. As a bonus, Tennessee is one of the few states that don’t tax wages, which may contribute to Nashville’s homeownership rate of 67.3%.
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Between 2010 and 2020, the Downtown neighborhood alone saw a 172% increase in population growth, based on the most recent Census Data available. And that’s just one of many Nashville neighborhoods.
If you’re starting to see the appeal and thinking about buying in Music City, keep reading for details about the Nashville real estate market.
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Comparing housing market trends by city can be interesting. Redfin considers the Nashville market to only be “somewhat competitive,” with some homes getting multiple offers. The average sale price in April 2023 went down 6.5% since last year. Most homes are selling for slightly below their list price.
$435,000
Avg. Sale Price
$272
Avg. Price Per Sq. Foot
47 days
Avg. Time on Market
Nashville Housing Market Forecast
While Nashville saw home values drop since last year, the city is still one of the hottest housing markets in the country.
Real estate experts expect the Nashville market to remain a seller’s market for the foreseeable future, largely because inventory is still low, demand is still high, and the market is forecasted to increase.
Demographics of the Nashville Market
When people think of Nashville, country music may be the first thing that comes to mind. But this capital city has a lot more to offer than meets the eye.
From world-class dining to art, sports, and education, there are adventures to be had in this cool city. Here are some key demographics in Nashville.
Median Income: $65,565
Median Age: 34.1
College Educated: 43.9%
Homeowners: 54.1%
Married: 40.3%
Popular Nashville Neighborhoods
There are over a dozen unique and charming neighborhoods to explore in Nashville. While this may sound like a good thing, it can make home shopping tricky.
Before you get your heart set on a certain Nashville neighborhood, check out these details worth considering for five of the most popular neighborhoods.
12 South
12 South may be one of Nashville’s smallest neighborhoods, but size doesn’t matter when it comes to this in-demand destination just south of Downtown.
A stroll down bustling 12th Avenue, 12 South’s main drag, makes it clear why this area has become a go-to spot for the young millennial crowd. Home to an eclectic dining scene, trendy boutiques, craft cocktails, and Dolly Parton’s rehearsal studio, 12 South has everything you could need within walking distance of home, including the 20-acre Sevier Park.
Quick Facts
Population:
2,887
Median Age:
27
Housing Units:
1,151
Bike Score:
59/100
Walk Score:
75/100
Transit Score:
31/100
Average Household Income:
$151,232
12 South Housing Market
The 12 South housing market certainly shows no signs of going south. The average home price went up 2.8% in April 2023 compared to last year, and the price per square foot went up 5.9%.
Multiple offers are rare in this not very competitive neighborhood, and homes can take 49 days to sell. Popular homes typically sell at around list price and often go pending in 37 days.
Average Sale Price
$1,200,000
Average Price Per Sq. Foot
$522
Hope Gardens
Hope Gardens is full of young professionals who are building their lives and buying homes. Grade-A nightlife and dining options add to the appeal of Hope Gardens, as does its diverse and urban feel.
Quick Facts
Population:
19,546
Median Age:
30.4
Housing Units:
9,547
Bike Score:
56/100
Walk Score:
77/100
Transit Score:
60/100
Average Household Income:
$80,814
Hope Garden Housing Market
If you’re looking to buy a home in Hope Gardens, there is plenty of hope to be found. On average, homes in this area sell for 3% below list price and tend to stay on the market for roughly 41 days, so get ready to haggle.
Average Sale Price
$535,000
Average Price Per Sq. Foot
$421
Germantown
Germantown has European roots and received its name from the European immigrants that settled the area in the mid-19th century.
This historic community is just a few blocks from Downtown and hosts the Tennessee State Museum and Bicentennial Capitol Mall State Park, making weekends with the family a blast.
Quick Facts
Population:
19,546
Median Age:
30.4
Housing Units:
9,547
Bike Score:
72/100
Walk Score:
75/100
Transit Score:
50/100
Average Household Income:
$80,814
Germantown Housing Market
Prices are on the rise in Germantown. In April 2023, home values rose by 37.1% compared to last year.
Even though Germantown is considered somewhat competitive, average homes sell for 1% below list price and stay on the market for 54 days. However, some homes receive multiple offers and hot ones sell in around 11 days.
Average Sale Price
$785,000
Average Price Per Sq. Foot
$567
East End
East End is one of the largest neighborhoods in Nashville, so you should have plenty of great home options to choose from in this area.
East End is rather self-contained, which means you can find everything you need right in your own neighborhood, including fine dining and amazing public parks.
Quick Facts
Population:
28,694
Median Age:
33.2
Housing Units:
13,445
Bike Score:
52/100
Walk Score:
88/100
Transit Score:
38/100
Average Household Income:
$99,350
East End Housing Market
While the housing market in the East End cooled down a bit, this neighborhood is still in buyers’ sights as a somewhat competitive market. Prices were down 22.4% in April 2023 compared to last year, and the cost per square foot dropped by 17.4% on average.
Average homes in this area sell for roughly 2% above list price and sell in around 34 days.
Average Sale Price
$640,000
Average Price Per Sq. Foot
$452
Downtown
You want it, Downtown Nashville has it—from museums and sports, to shopping and restaurants galore. There is no shortage of fun to be found Downtown.
It is also the home of Nashville Yards, a new 17-acre development in the heart of Downtown, featuring dining and retail, entertainment, a high-end hotel, residential, office space — and Amazon Nashville’s headquarters.
This dynamic, urban neighborhood has a lot of great apartment options, but you can also consider buying property that will keep you close to work, public transit, and all the entertainment you can hope for.
Quick Facts
Population:
1,878
Median Age:
31.5
Housing Units:
1,746
Bike Score:
66/100
Walk Score:
86/100
Transit Score:
64/100
Average Household Income:
$86,502
Downtown Housing Market
While the Downtown social scene and career options may be hot, the area is only a somewhat competitive housing market in Nashville.
Typically homes in this neighborhood sell for around 2% below their list price, some receive multiple offers, and sell in about 43 days.
Average Sale Price
$560,000
Average Price Per Square Ft.
$752
SoFi Home Loans
It’s easy to see why Nashville has become such a popular market. The appeal extends well beyond country music to art, food, commerce, sports, and outdoor adventures.
If you think Nashville could be your home sweet home, then you may need to consider different mortgage loans during your home buying process.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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