NASHVILLE, Tenn. (WKRN) – Property values in the historic Germantown area of north Nashville show no sign of slowing down after its first $1.08 million home.
A home at the corner of Monroe and Fifth Avenue North became the highest priced home to ever sell in Germantown.
Fiona King, a real estate agent with Worth Properties, told News 2 Thursday that record didn’t last 24 hours.
“Thirty-five-hundred square feet, 3 bedrooms, 2 baths, and they were asking $1.3 million. It never came on the market and it’s under contract,” she said of the home across the hall from her Wortham property.
“What we’re seeing is an increase in the price per square foot. This unit is 1,995 square feet and it’s $680,000. It’s about $340 per square foot,” she explained.
Lisa Gaston, a broker with Worth Properties, told News 2 she moved to Germantown from Green Hills after seeing it while showing another buyer.
“We compare price per square foot with Green Hills, Belle Meade and other areas that are affluent,” she said. “We’re steadily increasing. I’m seeing at least a 25 percent increase over the last year.”
Gaston said one property in Germantown was appraised twice in one year, and the second appraisal game in 22 percent higher than the first.
“The boom began, I would say, three years ago. I believe with the forecast of baseball coming,” she said.
Germantown is at the doorstep of the new First Tennessee Park, which opens this weekend for the Nashville Sounds baseball team. Gaston and King said the ballpark is a major factor in the growth of the area.
“Germantown has a unique value because it’s historic. You have the Farmers Market, you have downtown Nashville and proximity to businesses and hospitals,” explained King. “I don’t think people have looked at it as much.”
Gaston said apartment rentals are also on the rise with one bedroom units renting for around $1,200.
“That may come down slightly, but it’ll level out,” she said.