Tennessee real estate market
It’s time to get a realtor. Nashville is world famous as the home of country music. It may not be long, however, before it is known for much more than that. The Tennessee real estate market is booming. The city is cited as one of the best real estate markets in the nation in 2017. It was ranked by Zillow’s as the #1 city for real estate investing and home sales. It has also consistently ranked high in various real estate-related lists by experts on the subject. And it is definitely not alone. All of this in no large part thanks to its presently very healthy economy. As a result of the growing popularity, Nashville home sales are getting more and more expensive.
However, another result of its popularity is offsetting this: a huge increase in major construction plans in the works all over the city. Just in 2016 apartment units were in progress in various sectors. The great economy and thus great real estate landscape is certainly in no small thanks to the raise in the income of the average person. There is little wonder why Nashville is so attractive as a home. There is abundant educational resources. There are so many institutions of higher learning, in fact, that it is famously known as the “Athens of the South.”
There are currently 30 institutions of higher learning in Nashville with a total of over 58,000 students who live throughout the city. The medical industry is huge, contributing to both the work force and to, obviously the cities medical needs. And it is naturally huge in the scene of multiple industries of music. There are many musical groups and multiple music festivals throughout every year. The average income has increased by 1.1% and unemployment only 4%. Vacation rental facilities are also doing great. Airbnb Nashville is probably the biggest of these.
Because Nashville is such a hot spot among tourists, the tourist rental real estate is also booming. In September of 2016 there were over 3,000 active listings on the Airbnb Nashville site. The already great tourist sites of Nashville are growing more and more. Forbes has ranked it the #1 tourist destination. In recognition that the company is really aiding in the city economy, in February of this year the Tennessee government revised legislation that previously made it dramatically harder for Airbnb by banning their rentals in certain areas.
The previous restrictions limited the number of guests who could stay in a unit therefore discouraging some from using it at all. They either did away with them altogether or lightened restrictions like this. This is what the very impressive Nashville real estate industry is like right now. It is oozing with the promise of growth and profit. It is virtually overflowing with opportunity. If you are considering taking advantage of this opportunity, get a realtor and then you would do well to learn as much as you can about the city on the internet. Gaining a fuller knowledge of the area in which you want to invest will get you a leg up the Tennessee real estate market.