Surge in Nashville Real Estate: 2023 Sees Stable Growth and Rising Property Values

The real estate market in Nashville and nearby cities has been displaying significant growth over the course of 2023.

In Nashville the average property values remained relatively consistent around the $425,000 benchmark.

The average sold price rose from $472k in February to $492k by December. Along similar lines, the average sold per square foot value also saw an uptick, signaling a general increase in property value evaluation per square foot. The number of sold homes reached its pinnacle in September with 5,845, indicating a thriving market, though it did witness a slight reduction thereafter.

It’s not just Nashville showing progress, though. Surrounding areas have also seen noticeable growth. Woodlawn saw a surge in average sold prices from $265,000 in March to $291,830 in December, despite the average property values staying quite stable around $245,000.

Woodbury displayed an impressive leap in average property values from $199,900 in April to $269,000 in December, alongside corresponding increases in average sold prices. Whites Creek experienced boosts in average property values and sold prices, with sold prices jumping from $400,000 in December 2022 to $404,922 a year later. White House demonstrated consistent growth in median transaction values, from $316,250 in December 2022 to $332,500 in December 2023.

Promising Opportunities in Diverse Real Estate Submarkets

Moving beyond city limits and zooming in on specific submarkets, we see an even more intriguing housing market. The median home sale value climbed from $450,590 over the past 12 months to $484,723 in the past 6 months. Sold homes increased in value per square foot value ($321) compared to homes for sale ($312).

Exploring the foreclosure, auction and bank-owned property markets, these sectors present opportunities of their own. Foreclosed properties in Nashville had an average value similar to those on sale, showing that they are not markedly undervalued. Local auction properties fell slightly below the median value compared to the overall market, suggesting deals for keen-eyed buyers. However, notice must be made of bank-owned properties with higher median value than overall market. This is intriguing as they are often sold at a discount.

The disparity in median list prices and values across zip codes in Nashville portrays the city’s diverse real estate market. With varying levels of demand and property values, keen investors are gifted with an array of choices.

To summarize, the last year has shown that the Nashville real estate is healthy and growing, with generally upward property values and sold prices. The burgeoning market offers countless opportunities for investors, but the key strategy to success lies in mindful evaluation and understanding of the numbers.