Nashville Real Estate is on the rise

As Nashville, Tennessee’s economy continues to thrive, the city has just been named one of the top ten hottest cities to keep an eye on in 2016.

Nashville also recently placed seventh in the country’s top ten real estate markets. Job and population growth have helped to stimulate production of additional new apartments and office buildings which is a magnet for sizable other state investors, according to the PriceWaterhouseCoopers and the Urban Land Institute’s latest Emerging Trends in Real Estate report.

ULI and PwC presented their joint report at a meeting held this year in San Francisco. In excess of 1,800 market partakers across the country took part in the report including real estate investors, fund managers, developers, property companies, lenders and more. Somewhat lower costs of doing business and rising backer attention in smaller growing cities that include Nashville and Charlotte, for example, are gaining support, according to the report. According to the report, becoming more like a large city will continue to be a major concern as smaller cities duplicate the type of “24-hour cities,” (a term PwC made up in a previous report,) and more affordable versions of these places will be created. The report identifies this as the start of the “18-hour city,” and employs the phrase to deal with cities like Houston and Austin. Nashville is another market that personifies the 18-hour city services that take in an increasing and energetic city center while also making appealing suburban locations available.

For next year, Nashville ranks No. 7 in the nation for 18-hour cities following Dallas-Forth Worth, Austin, Charlotte, Seattle, Atlanta and Denver. San Francisco, Portland and Los Angeles complete the Top 10. These secondary markets boast lower costs of living and strong growth potential. Moreover, home owners and office spaces are now showing more interest in 18-hour cities as well. The National Association of Realtors data noted Nashville’s median home price was $208,500 in the second quarter while the US national media was $229,400. Just about 3,500 Nashville-area residential properties changed hands in September, for a 15 percent overall gain in home closings for the third quarter, the finest third-quarter growth since 2013. The report also found while industrial will be the top commercial property sector for asset and growth projections in 2016 nationwide, in Nashville office offering is predicted to be the best possible venture.  Many others interviewed in the study cited a new look at suburban prospects is advancing as well as the full-service facilities of the hotel segment. A separate report by Auction.com, highlighted the hottest major single-family markets based on current and expected future housing basics. Auction.com positioned Denver, San Antonio, Nashville, Fort Lauderdale and Dallas, in that order, as the five hottest US single-family housing markets. The report found Nashville is one of the faces of the modern South, steered by schooling and health services, visitors to the attractions and a lively downtown. Nashville’s housing market is maintaining its robust performance, expansion of residents is achieving force and Nashville’s strong financially viable environment is expected to boost demand and home prices over the next few years.