NASHVILLE, Tenn. (WKRN) — Just as one man’s trash is another man’s treasure, what may be affordable to some, may be unaffordable to others.
Even so, a new report from Roofstock.com has compared affordable U.S locations that are experiencing the most population growth, ranking the Nashville area as the 9th fastest growing large U.S metro with a below-average cost of living.
“The growth has been rampant,” Jeff Checko said, a real estate agent at the Ashton Real Estate Group of RE/MAX Advantage, who admits prices are rising, but when it comes to affordability, it’s all relative and dependent in how you look at it.
According to the real estate website, Roofstock, the cost of living in the Nashville metro is 5.6 percent less than the national average. Other data is as follows:
- Percentage change in population (2017–2020): 4.5%
- Total change in population (2017–2020): 84,783
- Population 2020: 1,961,232
“There are other metrics that Nashville is judged on besides just housing that do contribute to us being affordable. Of course, we have no state income tax, we have more of a fair tax set up here, where you have 9.25 percent sales tax, and we also benefit from certain tax free weekends,” Checko said.
When you look at the numbers right now in Nashville from Greater Nashville Realtor, in August, the median price of a residential home went down to $415,000. Now, it’s only a a $75 drop from July. Meantime, the median price of a condo dropped by $2,300.
“There’s no official definition for affordable housing,” Brian Copeland said, President of Greater Nashville Realtors. “We’ve looked at it under $175,000, ten years ago. It goes in proportion. Even when we look at the luxury market, we look at a certain percentage above of what everything sold.”
He continued, “When we look at homes below the $300K mark in Davidson, right now – we’re looking for single family homes – there are less than 100 single family homes on the market at that price.”
Thankfully, numbers show our inventory is trending in the right direction, which could keep prices at bay.
“A lot has changed in the Nashville market,” Copeland said. “However, we’re still hearing from clients who aren’t from places like California or Illinois that our taxes are super low, our housing supply is strong, so proportionately when were comparing to other places, we’re still affordable for people moving here. When it comes to locals moving within the city, we’ve seen a big change throughout 2020 and 2021 for buyers.”