If you’re thinking of moving to the Music City, you may want to do it sooner rather than later. Nashville, Tenn. was just ranked the city with the best housing market in the entire country by Freddie Mac.
Over the past few years, the city has become one of the most popular places to relocate. This is thanks in part to the area’s new “It City” status, making it the perfect destination for those wanting to be surrounded by art, great food and more music than you can handle.
Although Nashville’s rank has been steadily increasing, this is the first time it outranked other major cities like Honolulu and Salt Lake City. If you’re like me and actually live in Nashville, the booming housing market has been impossible to ignore.
Developers have been snapping up properties around trendy areas like East Nashville, which used to be the lower-priced refuges for struggling artists. Now, brand new multi-level structures are selling for $400 to 800 thousand dollars in plots where small Craftsman homes once stood. Some communities are pushing back against development companies who are tearing down historic homes to erect multiple “tall and skinny” homes on tiny pieces of land.
If you’re one of the 90 or so people who move to Nashville each day, you may have a hard time finding affordable housing. The hot market is driving prices upward, and making lower-income housing harder to find – even on the outskirts of town. Still, there’s plenty of reasons why the Music City is worth the struggle of house hunting. Let’s just hope this feverish market lets Nashville’s beloved community of musicians stay close to home.
To find out more about Nashville’s booming housing market, visit Freddie Mac.