Nashville, TN has the title Music City, the Country Music Capital, and the Athens of the South. Nashville is unlike any other city in the States because of its features. It is a fantastic neighborhood that provides delicious food and entertainment. For those considering relocating to Nashville, the city offers a variety of qualities. Nashville is the "Songwriter Capital of the World," with lively bars and restaurants. Is there any reason not to move to Music City with all these benefits? There also awaits adventure for any tenant who is fortunate enough to be able to settle in the city. But, each town has its unique characteristics and aspects. Unfortunately, people only find out after they have made their decision. So, here are some things to know before relocating to Nashville.
Quick Facts
- Nashville is home to the Country Music Hall of Fame.
- Nashville has an average household income of $83,348 and a poverty rate of 15.09%.
- The median rental cost has been $1,100 per month, with a median dwelling value of $239,000.
- Nashville is increasing at a pace of 0.56% per year and has grown by 12.85 percent since the last census.
- Nashville will have a population of 682,262 people in 2020.
Nashville, TN in a Nutshell
Nashville is famous for the Grand Ole Opry. Moreover, the Ryman Auditorium, known as the Mother Church of Country Music, is also in the city. But, music is a result of more incredible urban culture. Music City is home to a community that is passionate about creating. Residents are likely living in the neighborhood to assist in constructing something. Music is, of course, a big lure in Nashville. The Country Music Hall of Fame downtown attracts over a million visitors every year. Many well-known bands also often perform at local sites like the Ryman Auditorium. Lower Broadway has the Nashville sound emanating from its establishments. Some of these places are Tootsies Orchid Lounge and Robert's Western World, active at all hours of the day.
Economy
There are many job opportunities in Nashville. This Tennessee community has a 4.6% unemployment rate and has had so much job development in recent years. Now, it is one of the hottest job markets in the country. Nissan North America, headquartered in Franklin, is one of Nashville's top employers. Music City also has a thriving healthcare business. There are thousands of employees in Vanderbilt University Medical Center and HCA Healthcare. Nashville's tourist and hotel businesses are also booming.
Employment
Nashville will be the second-largest job market in the United States in the coming years. People are moving here with or without jobs because there are many work prospects. This fact is significant given how difficult it is to get work and maintain a steady paycheck these days. Nashville has plenty of job openings now and will grow over the next few years. As a result, the job market in Nashville is so great right now. Some residents claim that finding a home in the city is more difficult than finding a job.
Real Estate in Nashville, TN
Nashville is one of the top cities in the United States for young professionals. Residents between the ages of 25 and 34 make up Nashville's largest demographic. For many tenants, Nashville's cost of living is affordable. Nashville's cost of living is 3% cheaper than the national average, and housing costs are 9% lower. So, it is simple to see why Music City is a hot area for young adults looking for career possibilities. The city offers cheap housing with a median home price of $239,000 and a median monthly rent of $1,100.
Real Estate Trends
Nashville is a "seller's real estate market," which indicates a limited supply of homes. Low inventory forces buyers to compete, resulting in higher prices, favoring sellers. There is an all-time low inventory of houses and unwavering interest in Nashville. So now, homes are receiving 25 to 30 bids in less than a week.
Nashville's home market is a little competitive. In February, the typical sale price of a property in Nashville was $420,000, up 25.4% over the previous year. Additionally, Nashville's average house sale price was $440K, up 23.6% from last year. Nashville's average sale price per square foot is $272, up 30.1% from the previous year. In-demand houses on the market can sell for 7% more than the asking price and go pending in as little as five days. The average home sells 2% more than the asking price and goes pending in 27 days.
Final Thoughts
It is fantastic to be moving to Nashville, Tennessee. Many claim the city as one of the most excellent locations to live and retire in the United States. In this metropolis, there is always something to do. People are coming to this city known for its music-filled streets and nightlife. Besides entertainment, there is also a lower cost of living and an increasing job market. Nashville is best known for its country music. Even those who are not fond of the genre become surprised at how much Music City has to offer. Those thinking about relocating to Nashville should know about the information above.
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