Nashville Housing Market: Trends & Prices
Nashville Real Estate Market Overview
(Last Updated – 06/2020)
While some may know of Nashville as the Country Music Capital of the World, we know it as a great place to live. We aren’t the only ones that feel this way, U.S. News named Nashville the 15th best place to live in America.
Of course, the access to amazing music is all part of the Nashville appeal, but so are the unique museums and architecture. For foodies, they have as many tasty vegan options as they do BBQ. In short, there is something for everyone to love in Nashville.
Not to mention, it’s considered to be a relatively affordable city compared to other major U.S. metro areas. And as an added bonus, Tennessee is one of the few states that doesn’t tax wages, which may contribute to Nashville’s solid homeownership rate of 65.6%.
And let’s face it, the numbers don’t lie. Between 2010 and 2018, the Downtown neighborhood alone saw a 130% increase in population growth. And that’s just a look at one of many Nashville neighborhoods.
If you too are starting to see the Nashville appeal, keep reading for important info about the average home price in Nashville, important neighborhood demographics, and a quick look at the Nashville real estate market forecast.
Overall Nashville Market Trends
Redfin considers the Nashville housing market to only be “somewhat competitive.” The average price of a house in Nashville is $315,000 in 2020, which is higher than it was last year. Luckily, homes for sale in Nashville are currently selling for slightly below their list price.
$315,000
Avg. Home Price
$182
Avg. Price Per Sq. Ft
48 days
Avg. Time on Market
Nashville Housing Market Forecast
We have some good news for potential home buyers. Even though home values in Nashville rose by 5.1% over the past year, prices are actually expected to drop in the coming year.
The real estate experts at Zillow consider the Nashville real estate market to be a “buyers’ market” so it might be time to officially make a move.
Demographics of the Nashville Market
When people think of Nashville, country music may be the first thing that comes to mind. But Nashville has a lot more to offer than meets the eye.
From world-class dining to art, sports, and education, there is so much adventure to be had in this cool city. Which is why we’ve rounded up some important demographics about the housing market in Nashville, Tennessee.
Median Income: $65,919
Median Age: 36.5
College Educated: 40%
Homeowners: 65.6%
Married: 43%
Popular Nashville Neighborhoods
There are over a dozen unique and charming neighborhoods to explore in Nashville. While this may sound like a good thing, it can make home shopping tricky.
Before you get your heart set on a certain Nashville neighborhood, check out these key demographics worth considering for five of the most popular neighborhoods.
Sunnyside
The Sunny Side neighborhood gets its name from the historic Sunnyside home that resides in Sevier Park—originally home to the famous Mrs. Mary Benton.
This area has grown massively since its founding and has over 800 homes with historic or architectural significance alone, which should appeal to many homebuyers.
Quick Facts
Population:
59,009
Median Age:
38.8
Housing Units:
24,805
Bike Score:
75
Walk Score:
34
Transit Score:
58
Average Household Income:
$67,207
Hyde Park Housing Market
For those looking for a deal, look no further than Sunnyside. The sun is shining on buyers in this neighborhood where home prices have dropped by 43.2% in the last year.
Average Home Price
$500,000
Average Price Per Sqare Ft.
$361
Hope Gardens
Hope Gardens is full of young professionals who are building their lives and buying homes. Grade-A nightlife and dining options add to the appeal of Hope Gardens, as does its diverse and urban feel.
Quick Facts
Population:
17,582
Median Age:
31.5
Housing Units:
8,671
Bike Score:
56
Walk Score:
76
Transit Score:
61
Average Household Income:
$60,178
Hope Garden Housing Market
If you’re looking to buy a home in Hope Gardens, there is plenty of hope to be found! On average, homes in this area sell for 2% below list price after all, so get ready to haggle.
Average Home Price
$352,000
Average Price Per Square Ft.
$277
Germantown
Germantown has European roots and received its name from the European immigrants that settled the area in the mid-19th century.
This historic community is just a few blocks away from Downtown and houses the Tennessee State Museum and Bicentennial Capitol Mall State Park, making weekends with the family a blast.
Quick Facts
Population:
17,582
Median Age:
31.4
Housing Units:
8,671
Bike Score:
73
Walk Score:
75
Transit Score:
50
Average Household Income:
$60,178
Germantown Housing Market
Prices are on the rise in Germantown. In the past year, home values rose by 114.7% and homes in this area on average sell for $875,000.
Even with sky high prices, homes in Germantown receive multiple offers and sell in around 46 days.
Average Home Price
$875,000
Average Price Per Square Ft.
$365
East End
East End is one of the largest neighborhoods in Nashville, so you should have plenty of great home options to choose from in this area.
East End is rather self-contained, which means you can find everything you need right in your own neighborhood, including fine dining and amazing public parks.
Quick Facts
Population:
25,470
Median Age:
33.1
Housing Units:
12,588
Bike Score:
51
Walk Score:
88
Transit Score:
42
Average Household Income:
$77,292
East End Housing Market
Watch out, East End homebuyers. Home prices in this neighborhood rose around 169% in the past year alone. On average the cost per square foot rose by 53.5%.
Despite rising prices, eager buyers are snapping up homes in around 16 days of them being on the market.
Average Home Price
$700,000
Average Price Per Square Ft.
$274
Downtown
You want it, Downtown Nashville has it—from museums and sports, to shopping and restaurants galore. There is no shortage of fun to be found Downtown.
This dynamic, urban neighborhood has a lot of great apartment options for rent, but you can also consider buying property that will keep you close to work, public transit, and all the entertainment you can hope for.
Quick Facts
Population:
1,540
Median Age:
32.4
Housing Units:
1,267
Bike Score:
65
Walk Score:
86
Transit Score:
68
Average Household Income:
$79,738
Downtown Housing Market
While the Downtown social scene and career options may be hot, Downtown is not one of the most competitive housing markets in Nashville.
Typically homes in this neighborhood sell for around 2% below their list price, don’t receive multiple offers, and sell in about 48 days.
Average Home Price
$397,000
Average Price Per Square Ft.
$485
SoFi Home Loans
It’s easy to see why Nashville has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think Nashville could be your home sweet home, then you may need to consider your home loan options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.
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