The real estate market here is slowing down a bit, although the word “slow” is a relative term. According to local real estate experts interviewed by WKRN News, the Nashville real estate market is going from white hot to just red hot. There’s still more demand for housing in Nashville than there is supply, and annual appreciation is hitting record levels.
The robust performance of the Nashville real estate market is one reason why WalletHub ranks Nashville as one of the top 10 places to buy a house. The ranking is based on key investment criteria including activity in the real estate market, growth in property values, and strength of the local economy.
The growing job market and low unemployment rate helped make Nashville one of the top markets for rent growth last year, with a similar growth in rents expected this year as well.
Nashville is the capital of Tennessee and the most populated city in the state. Located in the heart of the Tennessee Valley, the city played key roles in both the Revolutionary War and Civil War, and quickly became a center for transportation and manufacturing.
Nicknamed “Music City,” Nashville today is a major center for the music industry. Manufacturing and transportation still play a key role in the city’s diverse economy, along with the education, healthcare, financial services, and corporate headquarters sectors.
In this article we’ll explore in detail what rental property investors need to know about the Nashville real estate market in 2022.
>>Explore Roofstock’s Nashville properties here.
Population growth
Both Nashville and the surrounding suburban counties are growing at a record pace, with the metropolitan area ranked as the 20th fastest growing MSA in the entire U.S. According to the most recent census, the population of Nashville grew by 15% since 2010, while nearby Rutherford, Trousdale, and Williamson counties have seen each of their populations grow by more than 30%.
Key Population Stats:
- City of Nashville is home to over 689,000 residents with nearly 2 million people living in the 10-county Greater Nashville Region.
- Population of Nashville has grown by .09% year-over-year and by 14.7% over the past decade.
- Nashville added more than 343,000 new residents since 2010.
- Nashville is the capital of Tennessee and the most populated city in the state.
- Counties in the Greater Nashville Region include Davidson County (where Nashville is located), and Rutherford, Williamson, and Sumner counties.
- Major cities in the metropolitan area include Nashville, Murfreesboro, and Franklin.
- Also known as the Midstate region, the Nashville metro area is expected to grow by over 500,000 people in the next 20 years.
- Nashville is ranked the number one city for an affordable wedding.
- Median household income in Nashville is $70,262 while per capita income is $37,696.
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