‘We don’t have enough homes’: East Nashville inventory lowest it’s been in five years

Nashville Tornado

NASHVILLE, Tenn. (WKRN) – Moving on from the March 3 tornado hasn’t been easy, but it’s being done.

Life, as we know it, is filled with twists and trials. For so many in East Nashville, life took a turn for the worse on March 3.

Despite the destruction, many people are still looking to move to East Nashville. The long-timers are staying put and the newcomers aren’t slowing down, leaving the area’s housing inventory at a five-year low.

“It was a scary situation,” said Pete Hawes. “I don’t have a basement so I hightailed it to the interior bathroom, got in a tub, and held on for dear life.”

Hawes says the twister passed about a half of a block from his home.

“It sounded like my house was receiving gun fire.”

Everyone, from that moment, started pulling together. It was time to clean up.

Despite the damage, Hawes said most of his neighbors are sticking around. “After the tornado hit, very few people pulled up stakes…They all decided to rebuild, which if you’ve been down Holly Street and Russell Street, they look like war zones still, and you know, folks are just in love with the neighborhood and community.”

Not only does Hawes live in East Nashville, he does most of his business there as well. He is a realtor with RE/MAX Homes and Estates and said East Nashville is an extremely competitive real estate market.

Meaning, the tornado may have destroyed homes but it certainly has not destroyed the area’s potential.

“If you put it on a line graph, the difference between when the tornado hit and today is, I can’t see a difference.”

The difference, however, is shown in the year-over-year data from Zillow. ​

Top-line findings for June 2020:

  • The median list price was up 3.3% year over year.
  • The number of for-sale listings (inventory) was down 28.8% year-over-year.
  • Sales were down 21.5% year over year.

“Our inventory is lower than any other neighborhood in the greater Nashville area,” said Hawes.

According to Hawes, East Nashville is now sitting at an average of a 2.8 month supply with greater Nashville pushing four months.

​He said if a home is less than $500,000 and it’s priced well, it will fly off the market in a matter of days.

In March, price per square foot was $229, now it’s $236, Hawes noted.

“It’s a very eclectic, art-centric, lovely community with great infrastructure close to downtown and just some really community-oriented folks who have lived here for a long, long time.”

As many rebuild, Hawes feels it could increase home values. ​

“The fact all those properties are going to be revamped and revitalized, it’s going to be a good thing,” he said. ​”People are staying, people love Nashville, the folks that live here and our reputation is bringing new people in.”

And it’s leaving East Nashville better and stronger than it’s ever been.

Stay with News 2 for continuing coverage of Super Tuesday tornado rebuilding and recovery.

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