As you probably know, Nashville is a booming city with the real estate market being one of a kind. In 2016, Music City was named the nation’s strongest housing market, vaulting over Honolulu and Salt Lake City. If you’re in the selling business, you’re in the right city.
See below for Nashville by the numbers!
- June: With summer peaks in full swing, June has been the biggest month in sales this year.
- $260,000: If you’re looking to buy, expect to spend around $260,000 for your dream home. This record-topping median is up $20,000 compared to last year.
- 3,900: In June alone, there were nearly 3,900 closings. While this is an impressive number, the summer of 2006 was higher.
- 96.1%: According to Axiometrics, the local occupancy rate is 96.1% while rent has increased 6.3% compared to last year.
- 12%: Researchers predict Nashville’s housing market to rise 12% year to year.
- 54: The average number of days a single-family home is on the market is 54 days.
- 2035: According to MPO, an additional million people will be living in Nashville by 2035.
- $63,089: With Nashville offering opportunities to make more money, the average yearly income has risen to $63,089.
- 85: Based on a five-year look, roughly 85 people are moving to Nashville every day.
- 37%: The projected growth of Nashville over the next 15 years is 37%. This means if you’re 30 years old, the city will be twice as large by the time you’re 45.
- 3.6%: Now is the perfect time to purchase a home with interest rates being at record lows. A 30-year-fixed-rate home loan will see rates around 4%.
- 37012: In the month of June, Antioch saw the most home sales with 224 recorded averaging $179,173.
- $176: The average price per square foot has increased to $176, a 10% increase from last year’s $160.
- 25 to 34: With the strong economy and job market, millennials are becoming more confident about purchasing a home, especially with the continuous surges in rent.