February 19th, 2007
Market Conditions for Nashville,Tennessee
Home prices rose compared with a year ago, and the 2,289 closing in January was the second-best on record for that month. The market is holding up despite the nationwide slump in residential real estate. Other parts of the country are seeing a sharp decline - 10 to 18 percent. This is still a strong area for home sales.
The number of properties on the market also rose, returning to the near-record level reached early last fall.Residential property sales in Middle Tennessee fell in January for the fifth time in six months, extending a slide that began late last year, according to data released Monday by the Greater Nashville Association of Realtors.The decline in home sales comes on the heels of what had been a record real estate market for Middle Tennessee. And six months after the slowdown began, it still has not erased the gains that the market enjoyed previously.
Since February 2006, 39,974 properties have been sold in Middle Tennessee, about 800 more than has sold in the prior 12 months. And the median price for a single-family home in Middle Tennessee has increased nearly 7 percent since last January.
Nashville offers a wide-arrange of neighborhoods from below $100,000 to more than $6 million and growing. Homes in the Vanderbilt University area, Hillsboro Village, Sylvan Park and Oak Hill can range from the low $200,000 to high $300,000. Upscale estate prices in Belle Meade and Green Hills can easily exceed the $1 million range,with breath-taking views with gently sloping lawns and mature trees.
Here in Middle Tennessee, Communities such as Brentwood, Mt. Juliet and Hendersonville keep pushing the market higher. And interest in older communities such as Antioch, Bellevue and south Nashville - is growing, particularly from young families looking for inexpensve places to live.
Wilson, Williamson and Sumner counties continue to grow quickly around big commerical developments, such as Providence Marketplace and the Cool Springs office and retail centers.
ZIP Codes: 37211, 37220, 37204, 37215, 37221, 37013, 37205
Approximate Location Boundaries: Antioch, Bellevue, Brentwood, Donelson, Goodlettsville, Hermitage, Madison, and Old Hickory
Location Characteristics: Davidson County is home to Nashville, Tennessee’s capital city. Nashville is called “Music City, USA” because of its rich hertiage. Known as the capital of the country music industry, you cn also enjoy great blues, jazz, bluegrass, classical and just about any other syyle of music. But, there’s more to Music City than music.
Thanks to a thriving economy, low cost of living and a great quality of life, Nashville has ranked as the nation’s top city for business expansion and relocation for the second consecutive year, by Expansion Management Magazine. Companies located in Davidson County are leaders in computer technology, publishing and printing, finance and insurance, health care, music and entertainment, transportation technology, higher education and tourism.
In Nashville, the good life is very good indeed. With more than 70 parks and public recreation areas, this Southern city treats its residents to more parks per capita than any other city in the nation. From the world’s only full-scale replica of the Parthenon at Centennial Park to the big-city nightlife or the best in fine dining and cultural experiences, Nashville residents get to enjoy the best of all worlds.
Nashville was recently ranked as No. 1 of the “50 Hottest Cities” for relocating and expansion. It is a well-deserved honor, recognizing the vitality and sophistication of the state’s capital.
by Debra Stuard at Realty Times