NASHVILLE, Tenn. (WKRN) – The real estate boom in Nashville is real and it’s evident just about everywhere you look, but some neighborhoods are hotter than others.
You’ve heard the numbers – dozens upon dozens of people moving to Nashville every day.
“We are the ‘it’ city and it is sort of the ‘it’ story right now,” said Gloria Houghland, an affiliate broker with the Lipman Group.
Houghland has been watching it all develop for some time now.
“Everyone is talking about it, all of Nashville is hot, hot, hot,” she said.
Some areas though are more popular than others. 12South, East Nashville, Germantown and the Nations are all neighborhoods that weren’t always the most attractive to home buyers.
“One of them is the Nations, the fact that not too many years ago it was very dangerous and today it has been cleared up and it’s turning into a nice neighborhood,” said Larry Lipman, president of the Lipman Group.
Those sections of town are attractive to buyers for many reasons, but the one Houghland keeps hearing is that they don’t want a lot of land and they want a house that won’t take too much work.
“They are usually young professionals,” she said. “They don’t have a lot of time. They are looking for the perfect home.”
Those “perfect” homes are stacked one-by-one in “imperfect” neighborhoods, but it’s that imperfection that is exactly what home buyers are after.
“It’s affordability, it’s close-in and in some places they can walk to places, it has an urban feel,” explained Lipman.
The demand is clearly high, which means inventory is low.
Houghland told News 2 there are 800 fewer homes on the market this year than last year. A number that stands out to many, and of course means prices are higher.
“When you talk about the lower price ranges, then what has happened is homes that were $250,000 are now $300,000 and $400,000,” explained Lipman.
The average price for a home in the Nations is $390,000, with an average price per square foot at $271.
In Germantown, the median price is $315,000 for a home, and $352 per square foot. In 12South, $610,000 is the average cost of a home, with a price-per-square foot of $240.
While the prices are high, people are clearly willing to fork over the cash and families are moving in and making these formerly urban neighborhoods their own.
In some instances, they’re even creating names for areas that typically didn’t have one.
What’s in a name? Apparently a lot, according to amateur historian and the Wills Company owner, Ridley Wills.
“Salemtown, to my knowledge, someone correct me, but Salemtown, I don’t think the name existed in the last 15 years or so. It’s north of Germantown, and it was an area but I’m not sure it had a name,” Willis explained.
Wills added the naming trend helps developers, too.
“Wedgewood Houston is a neighborhood behind the stadium that is now a hot neighborhood. I don’t think that neighborhood had that name until it was a hot place to be,” Willis said.
These changes are all natural steps for a growing city like Nashville. Another typical next step, one that many experts have been waiting for, is for the bottom to drop out.
Lipman said he doesn’t see that happening.
“I never use the word boom, because that means somewhere down the pike there’s going to be a bust. So no, not anytime soon. There’s no reason to believe there is,” he said.
For all the newcomers to Nashville, here’s some advice from a native.
“We are a city that’s welcoming to people as long as they are willing to give back,” says Wills.
The experts also weighed in on which area of town they predict to be the next ‘hot spot’ and Bellevue was the most popular choice.