Nashville ranks #6 for fastest housing construction, realtors say it’s still not enough – Nashville-Davidson, Tennessee

Nashville-Davidson, Tennessee 2021-06-08 18:54:35 –

Nashville, TN (WKRN) — Many major markets are under serious construction, but new data show that Nashville has added enough housing to accommodate the increase in employment.

But local realtors say we’re starting to lag because so many people are moving here from outside the town.

“People continue to move here in large numbers,” Robbie Dreamer told Compass Real Estate. “I’ve seen more people move to Nashville than ever before.”

In addition, more people are moving to Greater Nashville than moving out.

“People here love it. It’s a great city to live in. Where do they go when they move?” Asked Pete Hoes of RE / MAX Holmes and Estate.

New analysis by Zillow People moving here are benefiting from rising real estate values ​​at their current location, with typical home prices in April 2021 rising 11.0% from April 2020 to around $ 321,000. It shows that you are finding a larger home in a cheaper area like the Greater Nashville that was there.

“The local Nashvilleans who have been here for many years are very expensive for them,” Hoes said.

But for many from outside the state, it’s stealing.

Zillow found that people outside the town who moved to Nashville moved to their zip code at an average home price of $ 50,689 lower than where they moved.

The top metropolitan areas of origin for people migrating to Nashville in 2020 were Chicago, Los Angeles, New York City, Dallas, and Atlanta.

The top zip codes for inbound movers in 2020 were:

  • 37201 (Downtown, Nashville along the river)
  • 37174 (Around Spring Hill)
  • 37075 (around Hendersonville)

Data from the apartment list Shows that between 2010 and 2020, it added nearly 135,000 new homes and increased home inventories by 20%.

“In the same period, Nashville added 246,000 new jobs, an increase of 33%. A healthy housing market will see new housing units for every one or two new jobs as the local economy grows. In Nashville, 1.8 jobs are added for each new housing unit, indicating that the region is building enough new housing to meet demand. ” Said the report.

Local realtors say we are suffering from demand. This is because many new residents and out-of-town residents, many of whom work remotely, cannot be tracked by the number of jobs in Nashville.

“We really don’t have enough inventory to support the buyers who move here every day,” Hawes said.

Within the Nashville Metro, Williamson County grew 32%, with new housing units growing fastest. Cannon County has the least new homes built, up 2%.

“Constructors are doing their best,” Hawes said, adding that it takes time, of course.

Nashville ranks #6 for fastest housing construction, realtors say it’s still not enough Source link Nashville ranks #6 for fastest housing construction, realtors say it’s still not enough

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