The ballots have been cast, and the results are in! Nashville has been officially named as America’s 6th best city for real estate investing! The complete list is as follows…
Best 10 Cities For Real Estate Investing In 2017
- Austin, Texas
- Dallas/Fortworth, Texas
- Portland, Oregon
- Seattle Washington
- Los Angeles, California
- Nashville, Tennessee
- Raleigh/Durham, North Carolina
- Orange County, California
- Charlotte, North Carolina
- San Francisco, California
These findings come from an extensive report filed by PwC, in conjunction with Urban Land Institute. While Nashville’s impressive ranking within the national marketplace might come as a surprise to outsiders, it was not entirely unexpected to those that have been paying attention. In fact, Nashville was ranked #7 in the United States in 2016, and all signs have been pointing to a continued housing boom.
Why is Nashville’s housing market doing so well compared to the rest of the United States?
There are a few reasons. The first reason that we’d like to highlight is the fact that Nashville has been coming into its own as a hip, “it” city. This is catalyzing a boom in tourism and, more importantly, is persuading increasing numbers of alumni from Nashville’s many universities to stay local after their graduation. Couple this with the fact that upwards of 80 new people move to Nashville everyday, and it becomes easy to understand why there is some much demand for housing in Nashville.
These people that are choosing to move to Nashville, or to stay in Nashville, often do so because of the low cost of living and the favorable economic climate that has developed here. Nashville has a robust, diverse economy, and within this next year, residents can expect new jobs to continue to be created in the healthcare, tech, music, hospitality, and education sectors.
Companies that are doing business in Nashville are (generally) experiencing success, in part, thanks to the low cost of doing business (6% less than the national average), and this is enticing other businesses to open up offices here. Lyft, Eventbrite, and Warby Parker are shining examples of growing companies whose recently opened Nashville offices are already flourishing.
While it is true that Nashville’s economic boom has been pushing the cost of living up, this city’s median housing prices are still 7% below the national average, and dramatically lower than many of America’s larger, coastal metropolitan areas like San Francisco and New York. In fact, these upward trends are exactly what make this such a great time to purchase property in Nashville. This city still has a long way to go before its growth is likely to show any signs of slowing down.
However, this growth has not come without growing pains. As Nashville’s population gets bigger, so too does the need for housing. Construction companies have been working through the kinks in Nashville’s zoning laws and home building policies to have quite a bit of success! You’ll see cranes and construction all around Nashville as companies rush to catch up with popular demand. This lead PwC to further report that Nashville is fourth most favorable city for home building.
So what are you waiting for?
If you are an Accredited Investor and would like to participate in this exciting time in Nashville's growth, contact Canopy South Capital Management and schedule a meeting to discuss how to get started!