The Real Estate Boom of Nashville: How it’s Grown & How Southeast Venture Continues to Uphold Their Sense of Community
2019 is almost here, and there are a lot of reports beginning to surface analyzing the current real estate market trend in Nashville and across the nation. For years, there has been a boom in development in the area and next year is supposed to see continued growth.
Residents will notice the ever-changing landscape of Downtown and East Nashville. The area is rife with high-rises, and mixed-use developments that offer several different end uses such as residential accommodation and retail space. All of which works well considering the number of people moving to Nashville every day.
Over the past few years, real estate is being seen as a sophisticated investment asset. With Nashville’s continued popularity and maturing real estate sector, there is a transformation happening to create a more substantial market. In fact, according to PricewaterhouseCoopers, a global advisory leader, “transformation” is the buzzword. It refers to the investment, technologies, and criteria for new builds, and brokerage.
In the same report by PwC, Nashville was not only listed in the top ten real estate markets in the country but leaped past cities such as Seattle and Los Angeles. In an article by The Tennessean, Mitch Roschelle, a PwC partner said, “It’s really a story about affordability, employment growth, population growth, and employment stability…Nashville isn’t a one-hit wonder. It’s been in the top ten for some time now.
What about Nashville makes it a hot commodity? Well, there is a myriad of reasons. First, the affordability. The median house price is around $172,100 which is incredibly affordable when you consider the median household income is just over $53,000 a year. When you continue to investigate the market you will come across the term “18-Hour Cities” and Nashville is one of them.
18-hour cities are second-tier cities that have higher than average population in urban areas. As a whole, they offer amazing benefits to residents. Think: accommodation, amenities, robust infrastructure, and job opportunities. The difference is they don’t have to operate on a 24-hour cycle in order to be auspicious. This means you can move here and live comfortably without compromise.
18-hour cities are considered a great investment alternative to the “big six”: Boston, Los Angeles, New York, Chicago, San Francisco, and Washington D.C. Putting in perspective that Nashville surpassed Los Angeles as one of the best cities for real estate. Since 2009, these second-tier markets have continued to see steady growth. 18-hour cities like Nashville spike when the broader economy experiences growth as well. As wages continue to climb so does real estate and property management services. But, who is leading this change? Millennials.
Why People are Moving to Nashville
Let’s quickly revisit the characteristics of Millennials. Sometimes referred to as Generation Y, they were born between 1980 and 1990. Over the years they have been described a number of different ways, but in truth, they are making changes everywhere. They are more tech savvy, family-centric, believe in collaboration and cooperation, and like adventure. So, what about Music City is bringing this generation here?
Affordable Property Investment
We are talking about commercial and residential real estate. Nashville is one of the best cities to find employment since 2014. That means money in their pockets to buy property lower than the national average but higher in quality. For those who want to think commercially, you can establish your own business and purchase commercial property cheaper than the “big six.”
We mentioned that millennials like an adventure. They are one of the healthier generations and like to tap into their bold spirit by staying active. Nashville can accommodate this desire. The city and surrounding areas afford a lot of hiking opportunities that you can travel to in just under an hour. Something most other places can not. Additionally, with its popularity growth, exercise trends are making their way to Nashville like pilates, spinning, and circuit training but at a much more affordable cost than say, New York.
The biggest component might be the atmosphere. It’s called Music City for a reason, and the area boasts a lot of great venues for friends to get together in the community spirit that is so important to millennials. Also being in the South, Nashvillians are accustomed to treating their neighbors with thought and consideration. Something that has proved to be meaningful to Generation Y and often noted as something they value about this city.
Neighborhoods around town offer an eclectic mix of character as well. You want to move here, but trying to find the right place might be hard considering you have East Nashville, Sylvan Park, Germantown, and The Nations to choose from. If you don’t mind a commute, there is also Green Hills and Cool Springs. All of which contribute to uniquely different atmospheres.
Committed to Middle Tennessee
At Southeast Venture, we believe in Music City, and that’s why we are committed to its growth and prosperity. Our ethos is about embracing change and finding innovative ways to make improvements for the city and its citizens. We utilize this same mindset as we approach our work. Coming together in collaboration is how we excel at what we do and the value we put on internal and external relationships.
We are proud sponsors in bringing prominence to Nashville and participating in urban development. Our passion for all things creative and support include giving back where it matters most. That includes supporting local charities, arts, green spaces, and events.