Home Sale Prices In Nashville, Tennessee Have Gone Up Drastically
According to Norada Real Estate Investments, home prices have continued to increase across the U.S., with an 18.3% year-over-year increase this past June. So, as buyers continue to search for their dream homes, it shouldn't be surprising to find ridiculously high prices in most states. In fact, Nashville, Tennessee, has notably seen drastic home price increases over the past couple of years, according to House Digest's data. Nashville is considered the largest city in Tennessee, with a current population count of 707,091, according to World Population Review.
With our data and research, we hope to explain the reasons why homes in Nashville have seen a sudden increase in price. Our data spans from 2018 to August of 2022, and it shows exactly when home prices went from steady to costly. So, if you're someone who is hoping to purchase property in the Music City, first take a look at the kind of housing market you may be facing.
Everyone loves Nashville
Between 2018 and 2021, House Digest's data shows a steady increase in the median home sale price in Nashville, Tennessee. However, between 2021 and August of this year, there was a drastic increase of $117,158, from $322,792 to $439,950. Why? The World Population Review says Nashville's population currently has a positive growth rate of 1.26% per year. Recent census data has shown us that the city's population increased by 2.56%. Although this population growth rate has helped Nashville to recover from the 2008 recession, home buyers are now facing high costs.
However, that's not stopping them from picking up their lives and moving. Compared to larger cities such as Los Angeles and Seattle, Nashville is still much more affordable, per Felix. The number of jobs is also increasing, and this city has seen significant wage growth. So, as thousands of people begin to flock to this southern city, the limited supply of housing has ended up pushing prices way up.