nashville real estate - by owner - craigslist (2024)

FAQs

Are home prices falling in Nashville? ›

The Nashville, TN, housing market is seeing dynamic changes. As mentioned, in October 2023, Nashville's home prices were down, selling for a median price of $575k. However, the median sold price in November 2023 was $516,211. Showing a slight decrease.

Nashville Real Estate Market Summary

The median home value in Nashville reached approximately $455,304, demonstrating a significant appreciation rate of 30.7%. Similarly, median sale prices have seen an upward trend, selling at approximately $440,000, which is a 5.0% increase from the previous year.

The average salary in Nashville, TN is $40,574 per year or $19.51 per hour. Entry level positions start at $31,200 per year while most experienced workers make up to $97,500 per year.

Steady Economic Growth

Nashville's economy saw a remarkable performance in 2023, with an average household income increase of more than 10% from the previous year and a low unemployment rate of 2.7%. This robust economic health positions Nashville as a resilient and thriving market for real estate investments.

Analyzing the 2024 Market Predictions

Analysts are predicting a robust housing demand with an increase in median home prices by approximately 3% compared to the previous year.

Sale-to-list price ratio: 99.11% Homes in Nashville, TN sold for approximately the asking price on average in May 2024. Nashville, TN is a buyer's market in May 2024, which means that the supply of homes is greater than the demand for homes.

Overall Cost of Living in Nashville

However, when compared to the national average, Nashville's cost of living is just 3% higher, with a cost of living index of 103.1. This means that while Nashville is slightly above the average, it's not drastically more expensive than many other parts of the country.

It's starting to feel more crowded in Middle Tennessee

Census numbers released on March 14 show the gain in 10 Middle Tennessee counties' population in 2023 and the percentage growth from 2022: The Nashville region grew by more than 30,000 people in a year.

According to data from the U.S. Census Bureau, the average median household income in the U.S. was $73,914 in 2022. In Tennessee, earning anywhere between $43,498 and $130,508 would classify you as middle class.

What is the main source of income in Nashville? ›

Thriving Economic Sectors

Nashville's economy rests on three strong pillars: state government, higher education, and healthcare. The presence of esteemed institutions such as Vanderbilt University, Belmont University, and Tennessee State University fuels a highly educated and skilled workforce.

Here are some statistics: The average U.S. city is 50.8 percent female, 49.2 percent male. (Nashville is 51.5 percent female.) The average U.S. city is 74 percent white, 16.6 percent Hispanic, 12.6 percent black and 4.9 percent Asian.

Nashville's vibrant culture, growing job market, and diverse neighborhoods offer appealing options for both renters and buyers. While buying a home can be a significant long-term investment, renting offers flexibility and less financial burden upfront.

In Nashville, homes are valued 10% above buying power, according to a Business Journals analysis. Buying power sits at $367,750, while the median sales price is $405,750. Though inflation and rising rates have slowed the city's frenzied housing market, relatively low inventory has kept home values high.

Real-estate prices skyrocketed

The city built more apartments, offices, and restaurants to revitalize downtown. From 2010 to 2020, the population increased by 20%, and real estate boomed. I had always been a renter in Nashville, but I've noticed how much the prices have changed.

Known as Music City, Nashville offers more than just tunes; it's a hub of job creation, innovation, and real estate opportunities that beckon investors far and wide. With its economy on the upswing and a real estate market teeming with potential, Nashville stands out as a prime location for investment property.