Nashville, TN, March 19, 2020 --(PR.com
)-- The 2019 Analysis Indicates Downtown Housing Market Remains Very Strong
An in-depth report of the downtown housing situation in Nashville reveals that, even with the number of homes sold reaching an all-time high, rental occupancy remains strong. Published by the Nashville Downtown Partnership, this review of 2019 real estate highlights several interesting trends.
According to the Greater Nashville Association of Realtors' annual report, the number of homes sold in Nashville shows total sales up by 7% in 2019 alone. There has been a particularly high demand for housing in the downtown area, where a 71-unit condo reported that 90% of its inventory was sold in just six months. “Our project was exactly what the market wanted and it sold out very fast,” says Meg Epstein, owner of CA South Development.
Much of the housing market growth seems to be due to general economic growth in Nashville. Currently ranked as the 15th best place to live according to U.S. News & World Report, Nashville is a bustling center for both tech and creative fields. Since 2010, downtown has had a 130% increase in population. Surveys of downtown residents indicate that most people moving to the area are educated professionals with an income of over $60,000 annually.
This huge increase in population has led to a massive demand for housing. The report indicates that downtown Nashville has an occupancy rate of 94.7%, which is higher than Austin, Indianapolis, Tampa, and other comparable metropolitan areas. More and more residential units are being built downtown to satisfy this need. In the past 18 months, there has been a 15% increase in houses.
For the next few years, there are plans to construct properties that will add 2,559 rental housing units to the market. Though the majority of the Nashville downtown market is rental properties, residents are getting interested in condos as well. Recent projects have reported an average price per square foot of $608, providing very rewarding returns for investors. “We can offer a pricepoint below the market average and a quality that we think is just as good, so we’re getting a tremendous amount of interest in our condo projects,” adds Meg Epstein.
Altogether, the Nashville Downtown Partnership report shows that things are looking good for real estate developers and investors. There is low unemployment, high job growth, and increased demand for housing throughout the area. Though some developers are already starting projects to meet this increased need for housing, the desire for rental properties, condos, and other multifamily housing continues to grow.
Founded in 2015 by entrepreneur Meg Epstein, CA South is a development firm involved in several of Nashville's biggest projects. With developments in Franklin, Wedgewood Houston, Hendersonville, and more, CA South is committed to improving their community. Find out more at CASouthDevelopment.com or MegEpstein.com, or get in touch with the firm by emailing firstname.lastname@example.org.