What to Expect from the Nashville Real Estate Market in 2023

Nashville, Tennessee is known for its music, but in recent years, the city has also become a hotbed for real estate. The metropolis’ real estate market is booming, and Music City’s real estate market is predicted to continue to grow in the coming years.

In 2023, the area is expected to see an influx of high-end buyers, resulting in increased competition for Nashville mansions. The city’s luxury homes are some of the most sought-after properties in the country. Prices have been rising steadily over the past few years, and they are expected to continue in the next few years. Although current price tags may look a little heftier than they have in the past, they certainly look better right now than they will in the future as markets continue to evolve. Real estate inventory is a hot commodity, so if you find a home you like, don't hesitate to make an offer!

Nashville is a booming city, and the real estate market reflects that. In the last ten years, the population has grown by 15%. The city’s vibrant arts scene, dynamic-yet-livable pace, and southern charm attract many young professionals. This trend is likely to continue as more people are drawn to the many amenities that give this city such a high quality of life. As a result, there will be more demand for housing.

If you're thinking of buying a home in Nashville, it's important to be prepared for a competitive market. However, there are still many great deals to be found, especially if you're willing to look outside of the city center. Brentwood and Franklin are both great suburbs that offer spaciousness, peace, and high quality of life while still being close to all that Nashville has to offer.

With the influx of new residents, there's also no shortage of demand for land for sale in Nashville. Nashville's land values have increased steadily over the past few years, making it an attractive investment for those looking to purchase a luxury property. So if you're looking to invest in property in the city, now is a great time to do so. With its booming economy and a rapidly growing population nearing two million inhabitants, 2022 is shaping up to be a banner year for the Nashville real estate market.

Ranked as the city with the most economic growth in 2021, Nashville proves itself a dynamic and robust site for real estate investment. In an analysis of large metropolitan areas examining employment rates, the number of building permits issued per capita, and monthly home sales per capita, Stessa concluded that Music City, USA earned its highest score.

Nashville’s job market has grown by 26% over the past ten years, marking astronomical progress. Tennessee is also a tax-friendly state, making it an attractive option for retirees and second-home buyers. Nashville's strong economy is attracting people from all over the country, resulting in increased demand for properties. If you're thinking of purchasing a luxury home in Nashville, now is a great time to do so. The city's population and economy are only going to continue to grow in the coming years, making Nashville real estate increasingly valuable.

Nashville has one of the hottest real estate markets in the country, and that trend is expected to continue in 2023. Nashville is classified as a “supernova” city by PricewaterhouseCoopers’ Emerging Trends in Real Estate Report, which also ranks it as the number one real estate market with the best overall prospects in 2023.

Nashville’s demonstrated economic and population growth equals a high demand for real estate. Construction rates haven’t kept up with this demand, so the supply of homes in the metropolitan area is the biggest issue. Although this ongoing shortage is somewhat challenging, there are still plenty of properties available if you know where to look.

The Nashville market is expected to continue appreciating, with experts projecting increases in home values ranging from six to 19.8 percent. With a forecast this strong, investing in Nashville property is a smart move.

Prices are likely to continue to rise as Nashville’s popularity grows, so it's essential to work with a knowledgeable realtor who can help you find the best deal. With the right team in your corner, you can expect to find the perfect Nashville property that meets all of your needs and exceeds expectations.

According to the United States Census Bureau, Nashville’s suburb of Franklin, Tennessee was one of the 15 fastest-growing cities in the country between 2010 and 2019. Due to its excellent schools, ample green space, and proximity to all that Nashville has to offer, it’s no wonder that Franklin’s population grew by 32% in the 2010s, becoming the state’s seventh largest city. This prosperous suburb is 30 minutes south of downtown Nashville with plenty to offer luxury property buyers.

In fact, Nashville’s suburbs have been growing even faster than its urban city for years. The pandemic escalated this trend even further as more and more people started working from home. Many out-of-state buyers sought more affordable alternatives to cities like New York and Los Angeles. This led to increased demand for luxury properties in the greater Nashville metro areas such as Brentwood, located 10 miles south of the heart of the city. This peaceful enclave is home to gorgeous Nashville mansions with sprawling yards, large pools, and gourmet kitchens. With styles ranging from classical European architecture to sleek, modern aesthetics to traditional Southern ornamentation, there is something for everyone in Brentwood.

Interested in Nashville properties? Real estate agent, television personality, and former professional hockey player Nic Kerdiles proactively and precisely guides his exclusive clientele to find their perfect property. As a Compass realtor, he is devoted to meeting his buyers’ and sellers’ needs, maximizing efficient use of all parties’ time and money. Reach out to Nic at (615) 348-7655 or nic.kerdiles@compass.com.