Earlier this year, at the end of spring, home sellers listed their properties at a median price of $365,000 according to Norada Real Estate Investments. The median sale price, though, or the amount sellers actually got for their house, was $315,000 on Trulia. Another major listing website states that the median home value in Nashville is around $264,000. So, because many sources push forward different numbers, it might not be clear what is the average home price in Nashville TN. A good solution would be to find the average of these three values. The result gives us the average home price in Nashville - $314,666.
But as you know, every city has good and bad neighborhoods. Although the city of Nashville is a great place to live and continues to lure people in with its great economy and entertainment, some hoods don’t live up to its reputation. Out of the 88 neighborhoods, the worst area to live in seems to be Buena Vista Heights. The average home price in Nashville Buena Vista Heights is around $100,000, but in Cumberland Gardens it’s half that much. Generally, homes are priced a lot lower in infamous neighborhoods.
However, Nashville is a great place to invest in real estate. And the neighborhoods that offer cheap houses provide great deals for house flippers and for those who intend to renovate and rent the property afterward either with the help of a rental agent or through Airbnb and similar websites. The Music City is a top tourist destination and in 2018 it was visited by a record-high number of 15.2 million tourists. The number of tourists almost doubled since 2008 when 8.5 million people visited the capital of Tennessee.
Real estate agents in Nashville, though, are also aware that the city is growing fast, by almost 100 people a day, which puts a lot of pressure on real estate developers and on home buyers. The high cost of land forces developers to build high-rise buildings to maximize profits, while home buyers often compete for the same property due to the low inventory and the lack of affordable housing. Although it’s quite a hot real estate market, the average home price in Nashville is growing at a slower rate than the rent. Renting is cheaper than owning, and many tenants who are ready to buy a house prefer to wait for more favorable conditions.
So, knowing that the average home price in Nashville is around $315,000, is it a good moment to buy? Yes, because you can always refinance your home loan if interest rates get lower or if your home’s value decreases. Besides, with every monthly payment, you gain a little more equity in your home, which is far better than nothing. So, don’t let the average home price in Nashville scare you! Find a real estate agent and get pre-approved today!