NASHVILLE, Tenn. (WKRN) – Owning a home is a dream for many, but one that meets all of your needs can be both daunting and difficult to find.
Though home sales are down nationally, it’s quite the opposite in greater Nashville. As the city grows, a healthy supply of new housing construction is needed to keep pace with increased demand.
News 2 spoke to Amanda Kingsley, who just recently bought a home in Hendersonville with her husband.
“The school system is an 8-9, crime rate is low, we’re surrounded by friendly neighbors and it’s only 25 minutes away from the city,” she said. “We 100% think we got a big bang for our buck.”
Their real estate guru, Jarrod Curcio, an affiliate broker with Ashton Real Estate Group couldn’t agree more.
“The home we’re standing in was $350,000 in Hendersonville, you pick up this home and move it, its probably $480,000-$500,000 in Nashville depending on what neighborhood you’re in,” Jarrod Curcio, Affiliate broker with Ashton Real Estate Group REMAX Advantage.
Curcio admits, when it comes to getting a good deal, it’s all about location. He says he’s seeing a lot of people move to Goodlettsville, Mr. Juliet, Hendersonville, and Smyrna.
REMAX tells us as of June 2019 the median sales price of a home in Nashville was $350,000.
Elsewhere around Middle Tennessee:
- Clarksville — $205,000
- Franklin– $538,000
- Murfreesboro — $272,000
Curcio says the difference in price goes back to grade school, simple supply and demand.
“Nashville is the ‘IT city’ everyone wants to be here, move here, you got companies moving in and people moving every day,” Curcio said.
Local real estate expert, Jeff Checko with REMAX says in the past year, home prices in Nashville jumped 1.8 percent. In Franklin, it’s up 8 percent.
“When you see a stat that the prices have gone up that much that’s simply because they’ve been able to deliver more new construction,” Checko said.
Sales are up too, creeping 5 percent over last year. Curcio said if something is priced right, it could be gone in the day.
Though the numbers are great, we are seeing some change in greater Nashville.
“To be honest its slowed down a bit this year compared to years past, it was a rat race, multiple offers, things selling 20-30-40 thousand above list price,” Curcio said. “I think that has to do with more competition, more homes, more inventory.”
He added that suburban areas are finally starting to catch up to demand and it’s making it a market for buyers where sellers are now willing to negotiate terms.
“Nobody has a crystal ball, experts are saying Nashville is going to appreciate for the next, at least, 5 years. I’m hoping that’s still the case,” Curcio said. “I think its a good place to be, the market will be strong for a while longer.”
If you’re looking at where to buy, a recent WalletHub Study ranked Murfreesboro as the 5th best small city for first-time homebuyers.
Several real estate experts told News 2 that a lot of people avoid homeownership due to thinking they need to put 20 percent down for a down payment.
They say that’s not the case, there are several resources out there to help you afford a home.
The USDA mortgage loan is a government-sponsored loan that exists to help develop rural communities by encouraging home ownership.
There are VA Home Loans: 100% Financing, Zero Money Down
A VA Loan is a government-backed loan available to veterans and active-duty service members of the U.S. military.
Or you could check out the Tennessee Housing Department Agency Down Payment Assistance Program and their Great Choice Home Loan.
News 2 is reporting on Nashville’s historic growth and the growing pains that come with it. Click here for more Nashville 2019 reports.