Thursday delivered three new numbers that hammered home just how sizzling Nashville's residential housing market remains.
These kind of snapshots provide important checkups on the frenzy going on with residential real estate, and give us at least a small sense of how much crazier it could become. Waves of newcomers to the region are driving competition to a height that surpasses any in memory, a large part of what's causing tension in various neighborhoods and making affordable housing (and housing affordability) one of Metro government's most pressing debates.
Let's Dive In:
• Median sales price for closings last month in Williamson County — the biggest median for any month on record, in stats that go back to 2005, according to the Williamson County Association of Relators. It's yet another reminder that the county is growing faster than any other in the state and remains one of the nation's most affluent places to live. (For what it's worth, the 448 home sales last month are the largest for the month of March since 2007.)
• Growth in the number of closings in the first quarter of this year, compared with the same period in 2015, according to the Greater Nashville Association of Realtors. The group's data cover nine counties (including Williamson), which means we're getting a fuller picture of region-wide activity.
• Nashville's stature among the hottest housing markets in the nation, behind just Seattle and Portland. That's according to Ten-X, an online real estate marketplace. It's been a year since Nashville last enjoyed a top-5 ranking.
The ranking accounts for sales activity, the price tags of those deals, building permits and growth of the economy and population. Ten-X said it seeks to evaluate the current state of affairs while also weighing forecasts for each market. Here's some of what Ten-X had to say:
"Driven by significant gains from its key sectors, Nashville has enjoyed strong economic drivers in arenas like education/healthcare services ... A flurry of downtown construction projects has led to a boom in the industry, during which employment grew 6.2 percent —that’s 3 percent higher than last year and 14.3 percent higher than its prior cyclical peak. While the pace of new building has aroused concern that it could lead to overbuilding, local homes have remained affordable, and the area’s population gain at 1.9 percent in recent years is more than double the U.S. rate, trending toward continued growth in its single-family housing market."
Written by Adam Sichko
Article From Nashville Business Journal