With incredible restaurants, competitive sports teams and a thriving live music scene, Nashville has firmly established itself as one of the top travel destinations in the U.S.
Therefore, it’s no surprise that the Nashville real estate market is just as hot. Additionally, with tens of thousands of people relocating to the Music City each year, the demand for both commercial and residential real estate is only expected to increase.
A Brief History of Nashville Real Estate
Nashville has been in serious growth mode since the 1970s and that growth kicked into high gear during the 1990s when then-Mayor Phil Bredesen focused his efforts on infrastructure renewal and championed the renovation and development of popular downtown landmarks including the popular Ryman Auditorium, Country Music Hall of Fame and Museum and the Bridgestone Arena.
In turn, these developments have attracted more residents and businesses to the downtown area, a trend that continues today. Downtown Nashville isn’t the only area that has seen steady growth though as suburban areas like Murfreesboro and Franklin are also welcoming new residents at a steady pace.
Why Choose Nashville?
The Nashville real estate market is thriving for a multitude of reasons. With the COVID-19 pandemic transforming the workplace, many people now have the option to work remotely and they’re opting to move to cities like Nashville, which was named the 17th best place to live in America in 2020-2021 by U.S. News and World Report.
With tons of commercial space for events and activities, a strong economy with plenty of job opportunities across all industries, no state income tax and an attractive real estate market for both single-family and multi-family living, it’s no wonder Nashville is such a popular place to live, work and play.
What’s Next for Nashville?
Going forward, the forecast for Nashville’s residential real estate market is extremely bright. A recent Zillow report predicts the Nashville area will be the third hottest housing market in the U.S. in 2021 with home values expected to rise by 7.2 percent in the next twelve months. The outlook for commercial real estate is also encouraging. According to the National Association of Realtors, Nashville ranks among the top 10 commercial real estate markets for 2021 and is expected to outperform other markets in the U.S. Additionally, as the economy recovers from the pandemic and more people receive the Covid-19 vaccine, experts predict commercial transactions are likely to pick up even more in the second half of the year and into 2022.
The Bottom Line
Nashville’s unparalleled quality of life and robust economy have helped the city weather the storm of COVID-19 and emerge even stronger. Coupled with the seemingly limitless opportunities for growth in both the commercial and residential real estate spaces, it’s hard to think of a more promising place to invest yourself personally and professionally.
At Catalyst Capital Partners, we’re excited to be part of the future of real estate development and acquisition in Nashville. If you’d like to learn more about how to enter the Nashville commercial or real estate development market, our team of seasoned professionals is here to help. Contact us now and let’s start exploring the possibilities.