The Na$hville Million!
What does the residential 'million dollar plus' market look like in Nashville? How does it compare to certain other US markets and where can you get the best bang for your buck on a local level?
As a city often described as being the home to ‘Old Money’ and one of the wealthiest per capita across the nation, you’d be surprised to see how affordable the Greater Nashville area truly is.
I recently represented friends who made the move back to Nashville after spending the better part of a decade in California where the 'million dollar plus' seemed to be the norm. It wasn’t a surprise to repeatedly hear their astonishment of how much house they could afford and what type of lifestyle changes were going to be apparent based on their new monthly outgoings!
2015 has arguably been one of the strongest real estate markets in decades and yet the number of 'Million Dollar Plus' homes still pales in comparison to Music Industry metropolises such as Los Angeles or New York.
So how many homes have sold for over 1 million in Music City and its immediate surrounding area since January 1st 2015? The answer is barely over 350, with a current inventory of approximately 400.
356 is just 2% of the sold volume for 2015 YTD. A statistic such as this can emphasize the affordability of the market, but where can you stretch that buck even further?
Well, of the 356 residential homes sold so far this year, 98% of those were located in Davidson and Williamson Counties which is home to towns and villages featuring both stunning character and charm and thriving industry too.
That being said, If you venture out North, East or South East from Nashville you’ll find that the competition is less fervent and the amount you get in return can be significantly more. Satellite Cities such as Hendersonville, White House, Mt Juliet, Murfreesboro and Lebanon can often hold hidden gems with sprawling acreage and waterfront vistas.
As Nashville is a town that is currently easy to navigate in all four directions with a commute time rarely beyond 45 minutes, the ability to find your million dollar piece of paradise is often already out there, we just need to find it! That’s what makes real estate so rewarding for a Realtor. Finding the perfect property for your buyer, or finding the perfect buyer for your listing…
As good as technology has become and the resolution provided by quality photography seems to know no limits, there is still no substitute for looking at a property in person. This is when you fall in love with something. This is when you know it’s the right place for you and your family. Be prepared to turn over every stone until you find that Gem, Nashville has plenty of them!
If you haven’t glanced at some of our featured listings in the past, feel free to do so by clicking HERE