Nashville real estate has become one of the more popular and attractive markets in recent years.
There are many economic and lifestyle factors that make the Nashville real estate market attractive to homeowners and investors. Located in the middle of the state, this capital of Tennessee has a city population of more than half a million and twice that number living in the metro area. With an average residential home priced at $218,657 in 2008, buying a house in Nashville is about $75,000 cheaper than buying in neighboring Atlanta, Georgia, and $105,000 cheaper than purchasing in nearby Raleigh, North Carolina. Nashville's cost of living sits at 91.8, less than the national average of 100.
Most widely known as the center of the country music industry, Nashville offers a solid job market in a wide range of industries. According to the Tennessee Department of Labor and Workforce Development, the 13 counties that comprise the Nashville metro area have an unemployment rate of 4.1, which is lower than the national average of 4.7. Nashville is also home to the renowned Vanderbilt University and 20 other colleges and universities.
Nashville has been called the third best city for cultural amenities, right behind New York City and San Francisco. Homeowners say this popular city has much to offer, including:
Nashville offers a range of housing, from suburban areas with plenty of large, single-family homes to sleek and modern downtown condos, to stucco homes built in the 1930s and 40s in an area known as Little Hollywood. Nashville's city government has divided Davidson County into 14 communities. Nashville.gov has useful profiles of each neighborhood located in these 14 geographic areas that contain information such as ethnicity breakdowns and housing prices.
Like many major U.S. cities, Nashville is experiencing resurgence in the downtown area. Developers took a section of the city called the Gulch and turned it into a trendy urban neighborhood. Luxury apartments and condominiums are springing up in this area that was once seen as a run-down spot to live. The Gulch is also sporting hip retailers and chic restaurants. Developers say they are creating an urban neighborhood, where residents can live, work and play within just a few blocks.
Some developers are focusing on taking the city to the suburbs, in the form of the urban village. They are taking the concept of living and working in one urban area and applying it to the country. In Nashville's Cool Springs neighborhood, residents can live in a development called McEwen, which features homes, restaurants, shopping and entertainment. In the Green Hills area, a developer took an old strip mall and made it into a multi-use complex, with space for offices and retail, including well-known companies such as Whole Foods, Trader Joes and Anthropolgie.
Nashville is also becoming a popular spot to retire. According to Forbes Magazine, Nashville is one of the top 10 most affordable places to retire. Forbes noted good weather and the benefits from living near a first-class university as reasons to put Nashville in the top 10. Vanderbilt University is a leader in geriatric care and research. Vanderbilt is also the home of a Reynolds Center, one of 30 in the United States. These centers train both students and already practicing physicians in comprehensive geriatric care. In addition, Nashville has several senior and assisted living facilities. Commercial investors are looking at the city as a great place to build facilities for elderly residents, from luxury assisted living homes that offer travel clubs and support groups, to health centers for dementia patients, including adult day care. With over 25 retirement communities throughout the region, Nashville is very attractive to seniors in the real estate market.
Nashville continues to attract real estate investors. The Nashville Area Chamber of Commerce has extensive resources for individuals and companies looking to invest in the city. With a new $755 million civic center coming in 2012, an affluent population, and a growing downtown, more developers are seeing Nashville real estate as a lucrative and safe investment. The city's Economic Development Initiative is bringing in new companies, which means an influx of individuals and families.