From its renowned music scene to its diverse economy offering opportunities in various industries, Nashville boasts a vibrant and distinctive atmosphere that appeals to both growing families and young professionals. As a result, the Music City has experienced a surge in homebuyers over the past decade.
If you're among the many people eager to put down roots in Nashville, it's crucial to familiarize yourself with the local housing market. Get all the essential information you need before making your move in Nashville from the knowledgeable experts at HND Realty LLC.
Nashville Housing Market Trends to Keep an Eye On
- As of March 2023, the median sales price of a single-family home in Nashville stands at an impressive $465,000, marking a $15,000 increase since January 2023.
- In May 2023, 30-year mortgage rates rose to 7.14% (please note that this number is subject to change).
- On average, homes stay on the market for about 54 days before finding a buyer.
- The average home closing cost in Tennessee for 2023 is about 1.4%.
While some of these trends may appear daunting to potential homebuyers, it's important to note that they are more indicative of nationwide inflation rather than a specific issue in Nashville. In fact, Nashville's housing market is outperforming most other major cities across the country.
According to the U.S. Housing Market Index, Nashville currently holds the 12th position in terms of the nation's strongest housing markets.
Nashville Housing Market Predictions
Metropolitan Nashville, which includes areas like Old Hickory, Hermitage, Dickson, and Antioch, is projected to witness a 0.7% increase in home values by July 31, 2023, followed by a 5.5% increase by April 30, 2024, according to Norda Real Estate Investments.
Although these figures are subject to change, they indicate that investing in a home in Nashville continues to be a wise decision despite rising interest rates and inflation.
So why is Nashville's housing market still relatively healthy when many other major markets in the country are struggling?
The answer lies in Nashville's thriving economy. Over the past year, the job market in Nashville has grown by 1.8%, providing real estate buyers with increased purchasing power and maintaining stability in the local housing market. Furthermore, job growth is predicted to rise by an impressive 41.6% over the next 10 years, ensuring continued prosperity in Nashville's housing market.
Additionally, Nashville's population has grown by 1.62% since 2022, and this upward trend shows no signs of slowing down. The increased demand for housing resulting from population growth further strengthens Nashville's housing market.
Nashville Housing Market FAQ
What are common mistakes to avoid when buying a home in Nashville?
To ensure a smooth home buying process in Nashville, it's crucial to steer clear of these common mistakes:
- Overextending yourself financially with your down payment
- Looking for a home before applying for a mortgage
- Choosing the wrong type of mortgage
- Skipping the home inspection
- Allowing a "bad real estate market" to influence your decision (remember, all markets are cyclical)
What are the property taxes like for those buying a home in Nashville?
Tennessee is known for its favorable state tax laws, but that doesn't mean you can completely avoid taxes when purchasing a home. In Tennessee, you can expect to pay 2.6% of your home's assessed value in taxes.
What should I expect from a home inspection when buying a home in Nashville?
A standard home inspection report in Nashville typically covers the following areas:
- Heating system
- Air conditioning system
- Interior plumbing
- Electrical system
- Roof and attic
- Walls, ceilings, floors, windows, and doors
- Foundation, basement (if applicable), and other visible structures
Buy Your Dream Home in Nashville With HND Realty LLC
With over 30 years of experience serving the greater Nashville region, HND Realty LLC is a trusted real estate agency and developer. We have a wide range of properties for sale in Nashville, and our team of experts is fully dedicated to helping you find your dream home.
Contact us today to learn more about our personalized and straightforward home-buying process. Let's make your Nashville dream a reality!
