The city of Nashville
became the capital of Tennessee in 1843 and today is home to over 650,000 people, while the metropolitan area of Nashville hosts more than 2 million people. Spread on the banks of the Cumberland river, the city of Nashville is bustling with life and youthfulness. The median age is only 34, but this might be influenced by the high number of students. About 63% of the residents are white, while roughly 28% are black or African American. When it comes to religion, 81% embrace Christianity, especially Evangelical Protestantism, according to the Pew Research Center. Not surprisingly, Lifeway Christian Resources is proudly featured among the major employers by the Chamber of Commerce, the publisher hiring over 1,200 people. Only 3% of the population is non-Christian, but a staggering 14% is non-religious.
Moreover, unemployment is at an all-time low - 2.6% in Nashville and 3.2% in Tennessee. As for the median income, it is currently $74,900.
Real estate agents in Nashville reported that Tennessee was the fourth state by the number of inbound moves last year. Although the sales tax is the second-highest in the US, the cost of living is quite reasonable
and there is no need to work two jobs to make ends meet. Tennessee is among the cheapest states to live in. With a property tax rate of 0.74%, the state ranks 13th, yet Nashville real estate agents think it is fairly low when taking into consideration everything this city has to offer.
Working with a real estate agent in Nashville
There are 1,586 realtors in Nashville - one for every 400 inhabitants - while the Official Real Estate Agent Directory® features 13 top real estate agents in Nashville TN. In January 2018 the city of Nashville was growing by 100 people a day, but that number has declined and the market seems to be slowing down. After a period of steady growth, the inventory has slightly decreased. While last year there were 12,415 properties on the market during this time of the year, now there are about 1,000 fewer properties for sale. If you happen to sell right now, hire a real estate agent in Nashville to guide you through the home selling process - from pricing the home competitively to closing and making sure the new owners are satisfied with the new purchase.
Homebuyers also need to work closely with a Nashville real estate agent, especially if they intend to buy a resale property instead of a new construction. Given the low inventory and the lack of affordable housing, winning a bidding war is not going to be easy. But most real estate agents in Nashville TN are used to them and if you really want to bid on a house that you like, they can figure out the right strategy.
Commercial real estate in Nashville Tennessee
But what makes the real estate market in Nashville so dynamic is the commercial and industrial sector. Construction cranes are shaping the skyline of the city, adding new commercial buildings that need to be occupied. Now, with the introduction of the Greater Nashville Commercial Information Exchange (CIE), commercial real estate agents have access to all the listings published by the real estate companies in Nashville TN. This means that entrepreneurs can find the right “home” for their business faster, whether it is a commercial space with street frontage or an office in a quiet neighborhood. So, don’t hesitate to hire a commercial real estate agent in Nashville if you want the best for your business.
Employers drawn by the healthy economy of Nashville are fighting for premium locations. The vacancy rate for the past 10 years has been only 9.6%. A Cushman & Wakefield report reveals that there are 4.1 million square feet of office space under construction. The demand for office space is greater than the inventory and rents are growing fast. At the end of Q3, the average asking rent for Class A offices was $32.12/sf/year, while in 2019, the rent for Class B offices was constantly a little below $25/sf/year. The economy of Nashville is doing really well and doesn’t show signs of regress. If you feel that your business might find fertile ground here, look for a real estate agent in Nashville who is specialized in commercial real estate and do your business plan!
Nashville Tennessee real estate market
Real estate agents in Nashville TN know every neighborhood and every street corner. If you want to move to Nashville, their advice is to come and visit the city like a local. Spend a few days here walking around, mingling and talking to the locals. During that time it is also a good idea to find a real estate agent in Nashville to guide you and recommend the best neighborhoods that suit your lifestyle. For example, first-time homebuyers would rather buy a new construction than a fixer-upper, while families would rather live on the outskirts of the city than in the Downtown area.
The lack of affordable housing is a chronic problem across the US, and Nashville is no exception. The low inventory often ends up in bidding wars which are a turn-off for many first-time homebuyers. According to the major listing websites, the median home price in Nashville
is a little over $300,000 while the homeownership rate is only 54%. At the moment, the market is slightly favorable for buyers, as the city competes with many other great places to live in the US. If you want to become a homeowner in the Music City, find a real estate agent in Nashville and get preapproved for a loan because the foreclosure rate here is the lowest since the last recession.
Homes for rent in Nashville
So, you’ve been seduced by the honky tonks and the vibe of the city resonates with you in such a way that you really think that Nashville could become your home. The next natural step would be to rent a home with the help of a Nashville real estate agent. As you found above, about 46% of Nashvillians are renters. The average rent: $1,300, although it varies from one neighborhood to the other. Why use a rental agent when renting? Not only can they recommend you the best neighborhood to experience the city in all its glory, but they will take many other responsibilities off your shoulders, will deal directly with the landlords and will handle all the paperwork so that you don’t have to stress over anything. And, who knows? Maybe sooner or later you will want to purchase your own house or condo here. But renting before buying allows you to test the waters without making a long-term commitment.
Buying a house in Nashville
Keep the business card of your rental agent in your wallet since you never know when you need his or her assistance again. Hiring a top real estate agent in Nashville as your buyer’s agent is the right approach when buying a house in Nashvegas. REALTORS® will fight for your interest and will negotiate fiercely to get the lowest price possible. But the main benefit of working with a local real estate professional, especially if you come from another state, is that he or she really knows the city and is able to filter the MLS listings to get you and your family in the right house - a house that you can afford
. Moreover, their services are usually paid by the seller’s agent brokerage so there’s no extra cost involved.
Selling a house in Nashville
When you hire a top real estate agent in Nashville, not only do you get more money for your property, but you also benefit from a lot of exposure and advertising, your property gets listed in the MLS ( a listing platform only available to REALTORS®) and your agent takes care of all the aspects - which, at times, may seem overwhelming for an outsider. In the US, more than 90% of the transactions are carried out by real estate professionals. Very few homeowners dare to sell themselves, FSBO (for sale by owner). So, by hiring a real estate agent in Nashville to sell your property you will be better off since you benefit from their experience and expertise. Nashville agents are highly trained and educated
and have what it takes to bloom in this field. Don’t disconsider their professionalism!
Looking for homes for sale under 100k in Nashville TN?
Since the median home price in Nashville is three times greater, it is going to be quite difficult to find homes for sale under $100,000 in Nashville. If you qualify for a USDA loan, you should explore the rural areas around the city together with a Nashville real estate agent. The cheapest house on the market at the moment of writing was a 1 bedroom 1 bathroom house about 10 miles away from Downtown Nashville and was priced at $39,900, but the next cheapest house costs $129,000. You may have more luck with a condo or townhome, but the options are not abundant at all. However, real estate agents in Nashville TN may have access to different types of distressed properties, so it’s a good idea to hire one whether you are a seasoned investor or a rookie one.