A lot has been made of Nashville’s lack of inventory in 2015, especially when it comes to condos and other available housing options in the downtown area, but according to a recent Forbes study, Nashville actually ranks 6th in terms of U.S. cities that have added the most housing since 2010.
Before scratching your head in disbelief, however, it should be noted that the statistics Forbes is using includes the entire Nashville metropolitan statistical area, which encompasses Williamson, Rutherford, and other adjacent counties.
Even still, the high new construction rate, at least compared to many other cities in the country, is a true testament to how well the Nashville real estate market fared in 2015, which is doubt expected to carry over into 2016, as long as interest rates remain low and population all throughout the Nashville area continues to rise.
To come up with their list of cities that have added the most housing over the past five years, Forbes specifically tracked both single-family and multi-family homes that were either built or permitted between 2011 and 2014, then compared those numbers with totals in 2010 to ultimately determine the percentage increase in total housing inventory.
Among the cities that added the most housing are Austin, Raleigh, and Houston, with Charlotte and Orlando just edging out Nashville to take home the No. 4 and 5 spots. As noted in the report, single-family homes in Nashville dominated new development, with nearly 27,300 single-family permits issued compared to roughly 14,000 multi-family permits across the region.