Nashville, Tennessee has seen a large influx of people coming in from more depressed areas of Tennessee as well as the rest of the country. There are several reasons for the high amount of people relocating into the area, but the main reason is the affordable housing. The cost of living space in Nashville is much lower than other highly developed areas and cities in the state. While it certainly isn’t the cheapest, it definitely has the most value. Part of this value comes from the lower taxes and utilities.
Nashville has been much more ‘well off’ during these economic hard times than many other areas. This is because many people and businesses have been holding on to their properties instead of selling them at rock bottom prices, which has helped to keep the property values stable. This has resulted in a terrible sales ratio, as the prices have not dropped off in the area when compared to others, but the re-sale value of the homes being purchased are generally much higher.
Construction of new homes has finally slowed down in and around Nashville as well, which will hopefully spur the sale of more preexisting homes. In the past, new homes have outsold at a 10 to 1 ratio over re-sales. This ratio will most likely drop as more re-sale homes come to the market and more of the new properties sell off, without any more new ones to replace them in the market.
With wonderful quality of life and weather, Nashville can serve as a great upgrade with superb value in re-sale homes. It is located in Middle Tennessee, one of the fastest growing areas in North America. Should you choose to move to Nashville, you will find delicious restaurants, a large variety of quality shopping and several high rated schools.
The Ashton Real Estate Group of RE/MAX Advantage
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