Although it’s hard to believe 2016 is coming to a close, here we are already approaching the end of the fall season with the holidays and the rest of the winter season approaching faster than many of us would like. But with the end of the year close by, some real estate analytics companies are already looking ahead to 2017, which according to some reports, is shaping up to be another great year for the Nashville real estate market.
Recently released outlook reports from PricewaterhouseCoopers and the Urban Land Institute are ranking Nashville high up on the list of top cities for real estate investing in 2017, which for those of us who already call Nashville home is hardly surprising.
As noted in the findings, Nashville’s high concentration of college graduates who elect to stay in the area after school is a huge factor in why a real estate investment here makes sense in both the long term and short term, while Music City’s diverse economy that thrives in areas like health care, tourism, education, and technology also help make real estate investing in Nashville safer than in many other parts of the U.S. right now.
Specific statistics cited in the reports show Nashville has a lower cost of doing business than the national average by roughly 6%, while the cost of living in terms of the median home price is also much lower than the current national average, with the most recent numbers showing a $225,000 median home price in the metro Nashville area, or about 7% lower than the median price nationwide.
Although with the overall increase in real estate activity in recent months and years, construction costs around Nashville are on the rise, while availability of land for appropriately-zoned projects is also being squeezed, which could pose some challenges in the new year and beyond.