NASHVILLE, Tenn. (WKRN) — From bidding wars to inventory woes, the housing market is hotter than ever with Nashville neighborhoods seeing major growth.
News 2 continues monitoring the growth in Middle Tennessee and the growing pains that come along with it with our Nashville 2021 reports.
In this special report, we look at the hottest zip codes in Davidson County and where the best areas are for hopeful buyers.
“You kind of wonder when it’s going to reach a saturation point, but again, it’s interesting to see where hot pockets of growth flare up and then expand from there,” Jeff Checko said, realtor and broker with the Ashton Real Estate Group of RE/MAX Advantage.
Nashville as we know it continues to be a collection of small neighborhoods, each with it’s own characters, strengths and weaknesses.
With the help of Zillow and Greater Nashville Realtors, we’re ranking the top zip codes in the city, looking at the month’s supply and sale-to-list price ratio.
“We’ve got a lot of stereotypical zip codes we think about being extra hot, especially on the west side and east side,” Brian Copeland said, President of Greater Nashville Realtors. “When we look at a traditional hot zip code is the 12 South, Melrose, 8th and Wedgewood area (37204). They currently have a 20 days absorption, which means there’s 20 days of inventory on the market if nothing else hits the market and sellers are getting 99.9% of list price.”
One zip code that’s hotter than all the rest is Inglewood (37216) in East Nashville. Data shows they have a 16 day supply on the market and sellers are getting 100.2% of list price.
Checko said entry-level homebuyers will have the best luck in East Nashville. However, in the fourth quarter of 2020, 33% of homes sold over list price, according to Zillow.
In addition to looking at months supply and sale-to-list price ratio, we can also look at year-over-year growth.
“People that want to start businesses in our community, whether it be store fronts, restaurants, short term rentals, when you have zoning that’s favorable to those endeavors, it’s naturally going to lead to growth in those areas,” Checko said.
Lastly, we look at the zip codes in Davidson County with the highest percentages of homes that sold above list price in quarter four of 2020:
- 37216 Inglewood 33.3%
- 37214 Donelson 31.0%
- 37013 Antioch 28.8%
- 37138 Old Hickory 24.7%
- 37115 Madison 24.4%
As of February 2021, Zillow reported the typical home value in Nashville is $310,812. That’s up 9.6% year-over-year.
In conclusion, the majority of Nashville neighborhoods saw double digit growth in housing values over the last year with 24% of homes in Nashville selling above list price in late 2020.
Realtors said for now, don’t expect that to change.