ResalesNashville, Tennessee: Upscale Country Music Living
The most visited city in Tennessee is the heart of country music, Nashville. Home of the Country Music Hall of Fame and the incredible Opry Mills entertainment and shopping center, Nashville is known as "Music City," and it offers the visitor and lucky resident plenty to do and see, including frequent glimpses of famous residents.
Hospitality and tourism are the major employers, but the city also attracts a diverse number of industries including printing and publishing, technology manufacturing, music production, higher education, finance, insurance, automobile production and health care.
Quality of life is high. Nashville was named one of the 15 best U.S. cities for work and family by Fortune Magazine.
The city ranks fifth in the nation for corporate relocations, by Expansion Management Magazine. And, Forbes Magazine named Nashville as one of the 25 cities that is likely to have the country"s highest job growth over the next five years.
Nashville is a cost-of-living bargain compared to comparable cities across the nation. Overall cost of living is only 93.7% of the national average. Food, utilities and housing are typically below the national average.
Fluctuating between a buyers" and sellers market, housing is an even better buy due to low interest rates and a market confused by economic and international news.
"Home sales continue to rise," say Realtors Lucy and Bill Rudolph. "The Greater Nashville real estate market continues to exhibit strength and vitality. The significant amount of current activity along with the large number of pending sales indicate that we should continue to see a healthy market as we enter the most aggressive season for home sales.
"There were 2,735 home closings reported for the month of May, according to figures provided by the Middle Tennessee Regional Multiple Listing Service through the Greater Nashville Association of Realtors®," explain the Rudolphs. "This represents a 7.25 percent decrease from the 2,550 closings reported for May of 2001.
"There were 2,669 sales pending at the end of May, compared with 2,588 sales that were pending at this time last year. The total MLS area median residential price during May was $137,795 and for a condominium it was $114,000.00. That compares with median residential and condominium prices at this time last year of $138,900 and $107,000 respectively. The average number of days on the market for a single-family residence was 89 days.
Inventory at the end of May was 17,121. That compares with an inventory of 17,101 at the end of May 2001. The inventory level is appropriate for the current market activity and represents a balanced environment for both buyers and sellers.
"Outlying areas of Nashville are still a buyer"s market. It is tougher to find a good deal closer to downtown," says Realtor Kathleen Chiras. "Buyers who are willing to commute into Nashville for 20 or more minutes can still get some very good value for their money. Many people are looking at Williamson County and Notensville, which have a reputation for very good schools. Franklin county homes are selling for $225K and up."
Advises Chiras, "Right now in Nashville, it is a tight market for first-time buyers wanting property for under 150K. The typical price of a decent 1600 square foot property right in Nashville is 180K. Also, there is a huge inventory of high-end homes, $375K and up. Buyers in that price range can get some good deals."
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