Nashville is one of the top cities across the U.S. where homeowners stay put for the shortest amount of time.
New research from Lending Tree shows on average, homeowners in Davidson County stay in their homes for only 6.76 years. That’s the 8th shortest amount of time nationwide. Cities with the shortest tenure typically have greater price appreciation.
“Some of the people that influence whether people stay or move from their houses is whether they think they’ll make a profit by selling and Nashville has had pretty strong appreciation the last few years, so that offers an incentive for people who want to sell and move, maybe upgrade to a bigger house, or maybe take some of that profit that they’ve earned from appreciation in their home,” said Tendayi Kapfidze with LendingTree.
This could be good news for buyers and sellers. If there’s a shorter tenure, it improves your chances of finding and getting that home that you’re interested in.
Kapfidze said, “You might have a little bit more inventory on the marketplace and a few more choices.”
And if you’re selling a home in Nashville, that greater price appreciation could be beneficial to you.
“If there’s strong price appreciation then it means that you know you have an opportunity to make a profit, maybe get some cash out after selling your home and paying off your outstanding mortgage,” he said.
The shortest tenure tends to be found in areas with sunny climates, and greater price appreciation. According to economists at Lending Tree, between 2014 and 2017, the median home value appreciation in Nashville rose 37-percent.
Kapfidze told News 2, “One of the motivations for people to sell their homes and move out is when they have seen some price appreciation and they can take some profits.”
People aren’t going far in many cases. They may just use the money they make from selling their Nashville house to move a little farther from the city, to get more bang for their buck.
“If you bought a few years back, you’re kind of looking at the price of your home and thinking whether or not you want to take some of that profit or whether you feel that you’re in a position now where perhaps when you bought you made some compromises and maybe you can move into something that’s more in line with your needs and your desires,” said Kapfidze.
The shortest housing tenure overall is found in Las Vegas. The longest is in Pittsburgh.
News 2 is tracking Nashville’s growth with our Nashville 2019 project. Click here for more coverage.