Navigating Nashville's Real Estate Market in 2024: Insights and Trends

Welcome back to our blog! I'm Justin Floyd, your guide to Nashville Real Estate and a generally good time. If you're thinking about moving to Nashville or already call it home, you're in the right place. Today, we're diving into the latest trends in Nashville's housing market as we head into 2024.

Nashville Housing Market: A Comparative Analysis

As we look back over the past year, we see a market that's remained relatively stable. The big news this month is that interest rates are at their lowest in four months, signaling a positive direction and building momentum for the year ahead.

Key Market Indicators

In November, the median sales price for single-family homes was $577,500, closely mirroring last year's figure of $574,000. However, the average sales price has seen a slight decrease, from $835,000 last year to $806,000 this year. This 3-4% drop reflects subtle yet significant market shifts.

Sales volume, a critical indicator, also shows a decline. Single-family home sales in Nashville dropped by 8% compared to the same period last year, with 364 homes sold last month versus 397 a year ago. Interestingly, days on the market remain similar, with properties now taking 25 days to sell compared to 22 days last year.

New Listings: A Glimmer of Stability

A key factor that often goes unmentioned is new listings. In contrast to a 16% decrease reported in our last market update, November's new listings are almost on par with last year, indicating a more stable market environment.

Spotlight on Neighborhoods: Green Hills and Mount Juliet

Responding to requests from our viewers, let's zoom in on two specific areas: Green Hills and Mount Juliet.

Green Hills: A Tale of Two Markets

Green Hills presents an interesting case. Its median sales price for single-family homes in November stood at a staggering $1.375 million, yet its condo market tells a different story. The median condo price was $381,000, almost in line with Nashville's median of $374,900. This disparity highlights the diversity within Green Hills' real estate market.

Mount Juliet: Consistency and Growth

Mount Juliet shows remarkable consistency, with the median sales price hovering around $550,000, mirroring figures from the previous year. The encouraging sign here is the 10% increase in the number of listings, suggesting a growing market.

Beyond Real Estate: Embracing Nashville's Spirit

To balance our market analysis, let's not forget the fun side of Nashville. Recently, I took my son on the Santa Train ride organized by the Tennessee Railway Museum – a delightful experience for families. Additionally, the Cheekwood Lights exhibit truly brings the festive spirit of Christmas to life.

Wrapping Up

So there you have it, a snapshot of Nashville's real estate market as we move into 2024. Whether you're a potential buyer, a current resident, or simply curious about the market dynamics, I hope this update provides valuable insights.

Remember, if you have any questions or need assistance with your real estate journey, feel free to drop a comment or reach out at justin@justinfloydhomes.com. Don't forget to subscribe for more weekly content on Nashville real estate and fun experiences.

Stay tuned, and let's navigate this exciting market together in 2024!

Exploring East Nashville's Exciting Developments: The Rise of Dickerson Pike

Welcome to the latest buzz in Nashville’s real estate and lifestyle scene! In this post, we're diving into the transformation of East Nashville, with a special focus on the burgeoning Dickerson Pike area. Thanks to major developments like Oracle's new headquarters, this once-overlooked district is now a hotbed of growth and excitement. Join me, Justin Floyd, as we explore the area's latest projects, including trendy food halls, innovative urban planning, and new dining hotspots.

The Catalyst: Oracle’s Arrival Oracle's decision to establish half of their headquarters on the East Bank, a mere mile from Dickerson Pike, has acted as a significant catalyst for the area's development. This move by the tech giant is reshaping the landscape, creating new opportunities for businesses and residents alike in East Nashville.

Revitalizing Dickerson Pike The once-quiet Dickerson Pike is now buzzing with activity. Key projects include:

1. Food Hall Transformation: The old Piggly Wiggly site is being converted into a chic food hall, featuring contributions from renowned local restaurateurs.

2. Sidewalk Safety: A project named 'Vision Zero' aims to enhance pedestrian safety along Dickerson Pike, reflecting the city’s commitment to urban livability.

3. The Pike Development: This ambitious 12-acre project promises residential units, restaurant spaces, and retail options, drawing comparisons to developments in Brooklyn, New York.

4. Affordable Housing Initiatives: The redevelopment of the Old River Chase Apartments into a large-scale project includes 245 affordable units, highlighting the city’s dedication to inclusive growth.

New Culinary Destinations Food enthusiasts have much to look forward to with the opening of two new restaurants on Dickerson Pike:

1. Gus’s Fried Chicken: A Memphis favorite, known for its mouthwatering chicken, is set to open its doors on Dickerson Pike.

2. Cherry’s: From the creators of popular spots like Butcher Town Hall and Pharmacy, Cherry's will offer wood-fired burgers and frozen drinks in a cozy setting.

The transformation of Dickerson Pike is a testament to East Nashville's dynamic growth and potential. Whether you’re considering moving to Nashville or are a long-time resident, these developments are sure to enhance the area's appeal. For more insights into Nashville real estate and lifestyle, don’t forget to subscribe to our channel. If you’re thinking of making a move, feel free to reach out to me, your guide to Nashville real estate, Justin Floyd.

Keywords: East Nashville, Dickerson Pike, Oracle Headquarters, Nashville Real Estate, Food Hall, Urban Development, Affordable Housing, New Restaurants in Nashville, Nashville Lifestyle

Enjoyed this post? Subscribe for more updates on Nashville’s real estate and lifestyle! Considering a move to Nashville? Contact me, Justin Floyd, for expert real estate advice.

Navigating the Nashville Housing Market: My Take on October 2023 Trends

As the Nashville leaves don their autumn hues, I, Justin Floyd, your local real estate expert, am here to sift through the latest market numbers for October 2023. Despite the expected seasonal slowdown, the real estate scene in our beloved Music City continues to hum with activity, and I'm excited to share my insights with you.

The Beat of Median Sales Price Let's talk numbers. There's a gentle yet steady crescendo in the median sales price, up 2.1% from last year, hitting a harmonious $575,000. This gentle rise is a testament to Nashville's enduring appeal and the sustained value in our housing market—even as the days grow shorter and the market cools.

The Tempo of Home Sales It's no secret that the volume of home sales sets the rhythm for the real estate market. This past October, there's been a noticeable decrescendo—a 12.8% drop in single-family home sales compared to last year. But don't be dismayed; this shift could signal a more balanced market, where the frenetic pace gives way to more thoughtful buying experiences.

Days on Market: A Slower Dance Homes are taking their sweet time on the stage, with days on market stretching from 18 to 26 days since last year. This more leisurely pace is music to buyers' ears, offering more time to make decisions without the pressure of a fast-moving market.

New Listings: A Quieter Ensemble New listings have taken a bow, decreasing by 16%. Yet, with about 2,000 homes still in the spotlight, the Nashville market's repertoire is far from limited. This could be the perfect intermission for buyers looking to enter the market without the cacophony of too many options.

Percent of Ask Price: Holding the Note The final note on our market's score is the percent of asking price homes are fetching—around 97.7%, just a whisper lower than last year's 98%. It's a subtle indication that while the tempo may have changed, the demand for living in Nashville keeps the market tune steady.

Your Personal Real Estate Conductor I'm not just here to present the numbers; I'm here to engage and guide you through Nashville's real estate symphony. Subscribe for weekly updates and drop your questions or neighborhood requests in the comments. As a realtor, I'm ready to help you navigate the market, whether you're orchestrating a move or composing a sale.

In conclusion, the Nashville real estate market may be taking a breath this season, but it's far from a full stop. For those looking to join the Nashville chorus or simply keeping an ear out for the latest property trends, my insights aim to be your guide.

Reach out to me at justin@justinfloydhomes.com for a tailored analysis and subscribe for ongoing updates. Whether you're buying, selling, or just tuning in, stay connected for the next beat in Nashville's real estate rhythm.

[Don't miss a beat: Subscribe for more real estate insights | Connect with me, Justin Floyd, for a one-on-one real estate consultation | Follow my blog for weekly updates on Nashville's housing market]

Navigating Nashville's Housing Market: Rising Prices, Buy Downs, and Falling Rents

When you think of Nashville, you might picture its iconic country music scene, bustling nightlife, or that hot chicken you can't stop craving. But there's another buzz in town: the real estate market. From soaring house prices to the intriguing strategy of "buy downs," here's what you need to know.

A Peak at the Numbers

According to Justin Floyd, a well-respected guide to Nashville real estate, the housing prices in the Music City have witnessed a significant 7% rise from the previous year. The median sales price now sits comfortably at $599,900, making some homebuyers' jaws drop and others wonder how to navigate this ever-evolving market.

The Buzz About "Buy Downs"

If the rising interest rates have made you break a sweat, here's something to consider: buy downs. In simple terms, a buy down is when a seller gives the buyer a credit to offset some of their mortgage costs. Instead of reducing the home's price, this strategy lowers the monthly payments for the buyer, proving beneficial in a high-interest environment.

For instance, on a $300,000 home, asking the seller for a $10,000 credit to buy down your interest rate could save you a substantial amount each month. As Justin Floyd illustrated, this strategy could save you $248 a month compared to a mere $78 saving if the home price was reduced by the same amount.

Why are Nashville Rents on the Decline?

In a twist, while house prices are skyrocketing, Nashville's rents are witnessing a dip. This decrease is attributed to the highest level of vacancy in 20 years. Developers have been busy, with 12,000 new apartment units built from July 2022 and an additional 37,000 under construction or in the pipeline. With so many options, renters have leverage, and many apartment complexes are now offering perks like free rent to lure them in.

In Conclusion

The Nashville housing market is a rollercoaster of ups and downs, with house prices on the rise and rents surprisingly dipping. If you're eyeing Nashville for your next move or investment, strategies like buy downs might just be your ticket to a smarter investment. And remember, every market fluctuation is an opportunity in disguise.

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Nashville’s Riverside Renaissance: Unlocking the Potential of the City’s Heartbeat

Nashville, renowned for its vibrant music scene and rich history, is on the cusp of witnessing a transformative chapter unfold along its riverfront. With development proposals in full swing and various projects making headway, the city is set to revitalize its once underappreciated riverfront into a bustling hub of activity. Join Justin Floyd, your go-to guide for all things Nashville Real Estate, as we uncover the riverside renaissance that’s redefining the landscape of this iconic city!

Section 1: Breathing New Life into the Riverfront

For years, Nashville’s riverfront property has been a dormant canvas, primarily reserved for floodwater and sporadic concerts. However, inspired by the successful riverfronts of Cincinnati, San Antonio, and Detroit, Nashville is ready to breathe new life into its riverbanks. Massive projects are underway, with the riverfront serving as a cornerstone, promising a harmonious blend of green spaces, commercial, and residential developments.

Section 2: Spotlight on River North & Neuhoff District

Among the array of upcoming developments, River North and the Neuhoff District are stealing the spotlight. River North, soon to be the future home of Oracle, is being envisioned as a mixed-use area blending commercial, restaurant, and residential multifamily spaces. Its counterpart, the Neuhoff District in Germantown, will flaunt primo riverfront space, complete with restaurants, hotels, and multifamily and commercial spaces. Connecting the two districts will be a pedestrian bridge, enhancing walkability and fostering a sense of community among the neighborhoods.

Section 3: Additional Projects Elevating the Riverfront

But that’s not all! Other noteworthy projects contributing to the riverfront’s transformation include CA South’s mixed-use development, Station East’s district revamp, and Peabody Union’s construction. While each project has its unique offerings, together, they are crafting a diverse and dynamic riverside landscape. From green spaces to commercial hubs and residential areas, every development is playing a pivotal role in shaping the future of Nashville’s riverfront.

Section 4: The Riverside Project – A Vision Becoming Reality

Despite initial skepticism, the ambitious Riverside project has received the green light, promising 5 million square feet of mixed-use space and awe-inspiring visuals of the future riverfront. This development marks a significant milestone in Nashville’s journey towards unlocking the untapped potential of its riverfront and crafting a vibrant, connected community.

Conclusion: Nashville’s Riverfront – A Future Hub of Activity and Community

With every development proposal and project movement, Nashville’s riverfront is gradually shedding its image as an afterthought and emerging as a central hub of activity and community. Be sure to stay tuned, subscribe, and join us as we continue to explore and celebrate the evolution of Nashville’s landscape!

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Got questions, insights, or thoughts on Nashville’s riverfront developments? Drop them in the comments below! And don’t forget to hit subscribe to stay updated with Justin Floyd on the latest happenings and real estate insights in Nashville!

Did the Fed's Interest Rate Hike Impact Nashville's Housing Market? A One-Year Retrospective

Hey there, I'm Justin Floyd, your go-to guide for all things related to Nashville real estate. A year ago, the Federal Reserve jacked up interest rates with the goal of slowing down the runaway housing market. So, did it work here in Nashville? That's what we're here to find out today.

A Snapshot of Nashville's Housing Market

First off, let's talk numbers. A year out, and the median sales price for a single-family home in Nashville is $560,000, up just 1.8% from $550,000 last year. If you ask me, that's not much of a bump, which means that home prices are more or less holding steady.

The Sales Volume and Days on Market

Here's where things get interesting. The total number of single-family home sales has dropped ever so slightly—by 1.9%—compared to last year. Now, regarding the time houses are spending on the market: that’s where we see some noticeable change. Last year, homes were getting scooped up in just 12 days, whereas this year it's taking about 21 days.

Inventory: The Big Number

We can't talk about the housing market without mentioning inventory, or lack thereof. New listings have dropped by a staggering 20%. People seem wary of leaving their comfy 3% interest rate homes for new abodes with rates as high as 7%. So, if you're seeing fewer options out there, this is why.

New Construction: Filling the Gap

With fewer homeowners willing to sell, new construction has filled in the void. As it stands, one in every three listings in Nashville is a new construction. It's not because builders are overzealous; it's because current homeowners just don't want to sell.

The Rise of the Condo Market

Something else I've noticed is the growing interest in condos, and for a good reason. With mortgage rates up and home prices staying more or less stable, the monthly payment you’re looking at is, well, not so comfortable. The median sales price for a condo right now is $392,000, up 7% from last year. So if you're considering options, condos might be worth a look.

Future Projections: What's Ahead?

I can't help but think we’re in the calm before the storm. If interest rates drop to around 5%, we’re likely to see a flurry of activity in the housing market. It's like there's this pent-up demand just waiting for the right moment to unleash.

Wrapping it Up

So, did the Fed's interest rate hike work? Well, if the goal was to keep home prices from skyrocketing, then yes, it worked to some extent. But the overall picture is more complex, with lower inventory and people hesitating to make moves.

If you've got any questions, feel free to drop them below or shoot me an email at justin@justinfloydhomes.com. And if you find my updates helpful, hit that subscribe button on YoutTube. My goal is to reach 250 followers by year-end, and I’d love your support!

The Rise of Nashville: Why LA Transplants Are Flocking to Music City

Keywords: Nashville Real Estate, LA to Nashville, Living in Nashville, Relocating to Nashville, Nashville Lifestyle, Buying a Home in Nashville

If you've been keeping an eye on the trending cities in the U.S., then you've surely noticed the growing popularity of Nashville, Tennessee. Famous for its vibrant music scene, Southern hospitality, and booming economy, Nashville has become a hot spot for transplants—especially those hailing from Los Angeles, California. In this blog post, we'll dive into why the "Music City" is becoming a magnet for Angelinos and how you can make the transition too.

The Allure of Nashville

Affordability

One of the primary reasons LA residents are moving to Nashville is the cost of living. The real estate market in Nashville offers more bang for your buck, which is a welcome relief for those used to sky-high California prices.

Booming Job Market

Companies like Amazon and Oracle have set up shop in Nashville, creating a wide range of job opportunities in tech, healthcare, and of course, the music industry.

Quality of Life

Nashville offers a perfect blend of urban and rural lifestyles. With its array of parks, excellent schools, and cultural events, it's a city where you can truly have it all.

The Experience of LA Transplants

To give you an insider's look, we spoke with two recent transplants: Alyssa, a new mom and business owner, and Andy, a fitness enthusiast who recently purchased his first home in East Nashville.

Alyssa’s Story

Alyssa, originally from Los Angeles, decided to move to Nashville to open her two waxing studios. She was captivated by the entrepreneurial spirit of the city and found it to be a perfect place to raise her newborn.

Andy’s Story

Andy, who was also tired of the LA hustle and bustle, chose Nashville for its sense of community. He has taken the plunge into the real estate market, investing in a home in Inglewood, a neighborhood in East Nashville known for its vintage charm.

Real Estate Insights

Considering a move? Here are some areas in Nashville that are attracting newcomers:

• East Nashville: Known for its artistic vibe and diverse population.

• Germantown: Features historic architecture and a burgeoning food scene.

• The Gulch: A trendy area with upscale shops and modern condos.

Conclusion

The migration from LA to Nashville is not just a fad; it's a trend backed by compelling reasons. From affordability to quality of life, Nashville offers a range of benefits that make it an appealing destination for anyone considering a move.

If you're interested in relocating, don't hesitate to reach out for personalized advice on buying a home in Nashville. With its eclectic communities and flourishing job market, there’s never been a better time to make the move to Music City.

For more insights on Nashville real estate and lifestyle, make sure to subscribe to our blog!

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Middle-TN's Housing Boom: A Deep Dive into Nashville's Hottest Zip Codes for 2023

Over the past five years, Middle-TN has transformed into a real estate hotspot, with some areas witnessing an astounding 106% rise in median home values, surpassing the $1 million mark. With Nashville's real estate scene evolving rapidly, it's crucial to stay informed. I'm Justin Floyd, your Nashville real estate connoisseur and, of course, a great companion for some fun times.

Spotlight on Greater Nashville's Housing Market

Thanks to an insightful analysis by The Business Journal, we now have an in-depth look at the momentum of the housing market in Greater Nashville. Drawing from comprehensive home price data, they've ranked the top-performing zip codes based on their growth.

Top 5 Zip Codes Making Waves in Nashville Real Estate

1. 37204 - Oak Hill: A 71% surge over the past five years and stable growth over the past year.

2. 37215 - Belle Meade & Forrest Hills: With a 76% growth in the last half-decade, it has witnessed a slight dip of 2% in the past year.

3. 37027 - Brentwood: Home values jumped 86% in five years, but have retreated by 3% in the last year.

4. 37208 - Germantown & North Nashville: A 74% rise over five years, and a modest 1% growth in the past year.

5. College Grove: This gem in Williamson County topped the list with a staggering 106% increase over five years, despite a 2% dip in the last year.

The Current Pulse of Middle-TN's Real Estate

While areas like College Grove are experiencing rapid growth, there's an evident slowdown in home value growth across Middle Tennessee. Notably, locales such as Smyrna, Murfreesboro, The Gulch, West End, and Spring Hill have seen around a 4% drop in median sales prices over the past year. However, if we step back and analyze the last five years, these areas have grown by roughly 50% or more. Early investors are certainly reaping the benefits.

What Awaits in 2023?

The rest of 2023 looks somewhat similar to current trends:

• Sellers are hesitant, with national listings down by 10% from last year and a massive 44% from 2019.

• Traditional peak seasons like summer seem to be defying trends, with Nashville generally slowing only by October.

• With 25-30 million homeowners enjoying mortgage rates at or below 3% and 42% of homeowners without any mortgage, many are choosing to retain their properties, resulting in low inventory and steady prices.

Unlocking Nashville’s Real Estate Potential

If the shortage of listings persists, new construction could be the game-changer. Thankfully, Nashville's construction scene is thriving, potentially providing a solution to the inventory crisis.

Conclusion

If you're considering diving into Nashville's real estate market or simply need advice, don't hesitate to connect. I'm here to guide, inform, and ensure you make the best decisions.

Contact: justin@justinfloydhomes.com

The Nashville Housing Market: Insights, Trends, and What $580k Can Get You

In recent times, the Nashville housing market has been the subject of much discussion. It's an ever-evolving landscape with numbers and trends changing month-to-month. Join us as we dive deep into the latest statistics and even venture out to explore what a median-priced home in the city looks like.

Nashville's Housing Market By The Numbers

Latest figures from the Greater Nashville Realtors have thrown up some interesting insights:

• Median Sales Price: The median sales price for single-family homes in July was $580,000. This is a notable 5.5% increase from the same month the previous year.

• Sales Volume: This July saw a 13% decrease in the number of single-family homes sold compared to the previous July.

• Inventory: The number of listings was down by 7% compared to the previous year.

A Close Look at A Median-Priced Home in Nashville

Just to give you an idea, we recently came across a house priced at $560,000 in Englewood, East Nashville. This three-bedroom, two-bathroom property, representative of the median home price, boasts genuine hardwood floors and a renovated kitchen. One of its standout features is a finished basement – a rarity in East Nashville. With separate entry and an additional bathroom, it's perfectly primed for Airbnb, given the right codes and permissions.

The Current Buying Sentiment

The current market situation is unique. A report indicated that 82% of consumers feel it's not an ideal time to buy a house. The significant players in the housing market right now are either those compelled to move or those who can bear the expense. The interest rates currently stand at 7%, which doesn’t sit well with consumers. But remember, reduced interest rates can trigger a buying frenzy.

Key Market Metrics & Nashville's Growth

According to the Nashville Chamber of Commerce, among the 52 largest US metros, Nashville ranks:

• 4th in job growth since April 2020, adding 110,000 jobs.

• Top 10 for GDP growth, population growth, and per capita income.

• In 2022 alone, Nashville welcomed an average of 98 new residents daily, with a net increase of about 35,000 people in its population.

In Conclusion

The Nashville housing market is bustling with opportunities and challenges alike. If you're thinking of relocating to Nashville or already live here and are considering buying or selling a property, I'm here to help. Drop your queries below or reach out to me at justin@justinfloydhomes.com. Stay tuned for more updates, and until then, take care!

Note: Always remember, figures and trends in the real estate market can shift rapidly. It's essential to stay updated and make decisions based on the most recent and reliable data.

Nashville's Real Estate Boom: A Deep Dive into Downtown Nashville's Biggest Development

From the birthplace of country music to a burgeoning real estate hotspot, downtown Nashville has been rapidly transforming. At the heart of this change is Nashville Yards, a stunning 19-acre development changing the face of Music City's real estate scene.

Once home to Lifeway, a renowned Christian book company, the site was sold in 2015 to Southwest Value Partners for a hefty sum of $125 million. The vast 15-acre campus became the canvas for Nashville's biggest urban makeover. By 2018, all but the Frost Building had been demolished, and big plans were brewing for this prime Nashville real estate.

One of the first milestones of the Nashville Yards project was the completion of the Grand Hyatt in 2020. Positioned across Broadway from the old Lifeway campus, it's not just any hotel – it's one of the finest Hyatts you'll find anywhere, featuring the culinary delights of local chef Sean Brock’s Continental.

But the transformation didn't stop there. In 2018, Amazon made a landmark announcement that would send shockwaves through the city: they were bringing 5,000 jobs to Nashville, along with two sleek new towers. As of now, the first tower is already standing tall, while the second is under construction.

Wondering what more can fit into these 14 acres? Plenty. Two residential towers offering around 2,000 apartments are in the works, along with seven acres of open space (a rarity in downtown Nashville). The development will also host a new live music venue operated by AEG, seating 4,500 and bridging the gap between Ryman and Ascend Amphitheater capacities.

And there's more! The development will see the opening of a Goddard School child care facility, an Iconic premium gym, and a luxury cinema by EVO Entertainment. Moreover, Pinnacle Bank plans to move their HQ to Nashville Yards, inhabiting a 575-foot tower that'll be Nashville's tallest today.

Yet, Nashville Yards isn't the only construction changing the Nashville skyline. Across the street, prolific developer Tony Giarratana's Alcove residential tower has just sprung up, and another is underway. Giarratana is also developing what will be Nashville's new tallest tower, housing a downtown YMCA and 250 residential units.

However, it's not all rosy. This development boom comes with its downsides. Traffic is one, and affordability is another concern, with two premium hotels, high-end dining, a luxury gym, and cinema potentially driving up prices.

So, are you thinking about making a move to Nashville? Or perhaps you're already a local watching your city change before your eyes? Either way, stay tuned to our weekly content, where we explore the Nashville real estate scene and more. Drop your questions below or reach out to Justin@justinfloydhomes.com. We'd love to be your resource on this exciting journey!

Keywords: Downtown Nashville, Nashville Yards, Real Estate, Development, Amazon towers, Grand Hyatt, Lifeway campus, Southwest Value Partners, Tony Giarratana, Pinnacle Bank, AEG, Nashville Real Estate, Moving to Nashville, Nashville Yards development.

Affordable Condo Living in Nashville: A Deep Dive into the Condo Market

When it comes to the Nashville real estate market, the skyrocketing prices can make the prospect of owning property seem daunting. The vibrant city has become an expensive place to reside, with its rich culture, music scene, and rising popularity. However, affordable real estate options do exist, particularly in the form of condos, offering quality living spaces at more accessible prices. Let's take a closer look at some of the city's most affordable, yet quality, condos in three distinct parts of town.

Green Hills Terrace: Affordable Living in an Affluent Area

Despite its reputation as a high-end neighborhood, Green Hills surprisingly offers some of the city's most affordable condos. One such example is a one-bedroom unit at Green Hills Terrace. Listed at $255,000, the condo features 625 square feet of refurbished interiors complete with wood floors and granite countertops. However, do note the lack of in-unit laundry, a common trait for buildings constructed in the 1960s.

Despite Green Hills' status, it's within a mile of convenient amenities like Whole Foods, Trader Joe's, and a mall. However, it's crucial to be aware of the area's notorious traffic, which is currently being addressed by the city authorities.

The Benny Dillon: A Downtown Delight

Looking to live amidst the hustle and bustle of downtown Nashville? The Benny Dillon might be just what you're looking for. Nestled in a historic 1927 Renaissance Revival structure on Church Street, this one-bedroom unit offers 600 square feet for $375,000. You'll be within walking distance from the library and the YMCA, far enough from Broadway to enjoy some peace and quiet.

However, take note that short-term rentals aren't allowed, and there is a waitlist for renting out the unit. Hence, purchasing a unit here should be for personal use rather than investment.

Inglewood Condos: Short-term Rental Potential

Over in East Nashville, a unique opportunity presents itself in Inglewood. Listed at $435,000, this two-bedroom, two-bathroom condo is eligible for short-term rentals like Airbnb. It also houses a unique bonus — a tattoo studio on the first floor. With an estimate of grossing around $50,000 annually from Airbnb income, this condo could be a great investment opportunity.

High View Flats: Trinity Lane's Changing Scene

Lastly, we venture to another part of East Nashville — Trinity Lane. Here, a one-bedroom, 688-square foot unit at the nearly complete High View Flats development is priced at $275,000. The condo features a washer-dryer connection, and the area hosts one of Nashville's best breweries, East Nashville Beer Works. The only caveat? You'll have to buy a refrigerator separately.

Conclusion

In 2023, the median sales price for a Nashville condo stands at $363,000 — significantly lower than the median of $590,000 for a single-family home. Despite the city's rising prices, owning property in Nashville remains attainable, particularly through condos. If you're looking to invest in Nashville real estate or purchase your first home, don't hesitate to explore the condo market.

I'm Justin Floyd, and I've helped many clients find their perfect condo. If you're interested in buying, don't hesitate to get in touch at justin@justinfloydhomes.com. I'll continue to provide insightful content weekly, so remember to subscribe and like to stay updated on the latest in Nashville real estate. Thank you so much, and I look forward to connecting with you soon.

Nashville Single-Family Housing Market Analysis: Insights for July 2023

Are you interested in understanding the recent trends and numbers of the Nashville single-family housing market? Welcome aboard! Our real estate expert, Justin Floyd, is here to provide a comprehensive look into the current market dynamics, offering insights based on June's surprising numbers and comparing them to last year's so-called 'unicorn market'.

Dive Into the Nashville Real Estate Market

In this deep dive, we're exclusively focusing on the single-family housing market in Nashville, not including the surrounding counties. All data is fresh off the plate, having been recently released by the Nashville Association of Realtors.

As we unpack the Nashville real estate market, here are some of the key metrics we'll explore:

Median Sales Price

The median sales price for a single-family home in Nashville for June stood at $566,000, showing a decrease of 7% year over year. This is significantly lower compared to our average median sales price of $589,000 for all of 2023.

Sales Numbers

Sales numbers have also taken a hit, with Nashville seeing a decrease of 24%. The market saw 540 closes in June compared to 714 in the same month last year.

Inventory

As far as inventory goes, headlines have been flying left, right, and center. The reality? Nashville's inventory year over year is down by 3%. This confirms that we're still grappling with a tight supply of houses.

Days on Market

The average time a single-family home in Nashville spent on the market has also risen from seven days last year to twenty days this year.

What’s Causing These Changes?

High interest rates have been a major deterrent for buyers, and the current 7% rate has created some stagnation. On top of that, many current homeowners, enjoying mortgages with interest rates of 3% or less, have little incentive to move. This compounds the inventory issue.

The Silver Lining

But it's not all gloom and doom! Many homeowners are sitting on a wealth of equity due to the significant home price increases in the past few years. This equity is motivating them to make a move—whether to a larger home, a different city, or to downsize.

Additionally, Nashville home builders are pulling out all the stops, issuing a record number of housing permits. This uptick in construction could offer a much-needed boost to our inventory.

More Than Just a Market Analysis

Beyond market analysis, Justin Floyd brings you a slice of local Nashville life. In this edition, he introduces you to the latest gem on the culinary scene - Xiao Bao in East Nashville's Cleveland Park. A must-visit for all food lovers!

Stay tuned for more updates on Nashville's single-family housing market and local happenings. Feel free to reach out to Justin Floyd with any real estate queries, and don't forget to subscribe for weekly insights!

Keywords: Nashville single-family housing market, Nashville real estate, Nashville Realtors Association, median sales price, real estate market dynamics, Justin Floyd, housing market analysis, Xiao Bao, Nashville housing permits, Nashville home builders

Meta description: Get the latest insights on the Nashville single-family housing market from expert Justin Floyd. Uncover June's surprising numbers, and discover the best new restaurant in town, Xiao Bao.

Discover the Top Three Neighborhoods of East Nashville: An Insider's Guide

Let’s delve into the three most popular neighborhoods of East Nashville that you absolutely need to know about if you're considering making this area your new home.

1. Lockeland Springs

With an average home price of $933,000, Lockeland Springs takes the lead. This neighborhood is famed for its playful and slightly eccentric vibe, with a mix of homes built in the 1920s and 1930s, as well as new builds sprinkled in. But don't be mistaken, it's not overwhelmingly odd - it's just got its quirks.

Lockeland Springs houses 5 Points, a unique convergence of five streets that literally buzz with life, especially during nights and weekends. The area swells with patrons flocking to its bars and restaurants. Plus, in August, we host the Tomato Art Festival, an unusual yet premier event in East Nashville attracting 50,000 people to 5 Points.

For the outdoorsy types, Shelby Park and East Park are a stone's throw away, hosting numerous local festivals throughout the year, including the Hot Chicken Festival on the 4th of July.

Craving a gastronomic adventure? Lockeland Springs boasts an array of restaurants to satiate your palate - from Lockeland Table to Margot, 5 Points Pizza, Hunters Station, Edley's, Bar Taco, and Bills. Top off your dining experience with the fun, hip, and quirky bars like Red Door, Rosemary, and Urban Cowboy.

2. Cleveland and McFerrin Park

Next on our list is the booming Cleveland and McFerrin Park, with an average home price of $609,000. Its growth can be attributed to its location - just outside Downtown and within cycling distance of the upcoming Oracle campus in River North. The neighborhood features well-maintained sidewalks, parks, and walkable restaurants.

As a resident of this neighborhood, I can vouch for its world-class restaurants and the overall homely vibe it offers.

3. Inglewood

Inglewood, a vast portion of East Nashville's northern edge, rounds off our list. The neighborhood extends all the way to the Cumberland River and boasts an average sales price of $565,000. Inglewood is known for its spacious lots, abundant tree coverage, and, perhaps most enticingly, the most desirable school in East Nashville.

While Lockeland Springs might draw in more tourists, Inglewood offers a quieter, more local experience. A standout property here is a 1935 stone Tudor cottage, fully renovated and oozing with charm.

If you're considering making a move to Nashville, let me be your guide. I would love to help you find your dream home in one of these amazing neighborhoods. Feel free to reach out at justin@justinfloydhomes.com.

An Inside Look: Touring the Exquisite New Sipple Home in Stephens Valley

Today, we're taking a virtual tour of an architectural gem, a stunning new Sipple home. This beautiful abode, a masterpiece of craftsmanship, quality, and design, is nestled in the picturesque scenery of Stephens Valley.

The property is set on a generous lot, offering a desirable blend of privacy and an abundance of natural light. Its well-designed layout and thoughtfully chosen amenities are a testament to the attention to detail that has been invested in every nook and cranny of the house.

Ground Floor Grandeur

As we step into the home, the main floor unfolds a marvelously laid out plan, which includes the primary bedroom, a guest suite, and a study. The bedrooms are spacious and airy, with ample natural light and spectacular views. The study is a perfect sanctuary for those who work from home or simply love a quiet reading corner.

The heart of the home, the kitchen, boasts a sleek design featuring top-of-the-line Viking appliances, a large island, and exquisite custom cabinetry. Adjacent to it is a Scullery/Prep Kitchen, an extra delight for those who love cooking and baking. This space is well-equipped with additional custom cabinets, a second dishwasher, and a baking pantry.

The Great room is an embodiment of elegance with vaulted ceilings, eye-catching beams, and detailed trim that accentuates the room's beauty. The room is warmed by a cozy fireplace, making it a perfect gathering spot for family and friends. Complementing the interior is a set of Sierra Pacific doors leading to the luxurious outdoor living space, a serene retreat that adds a sense of indoor-outdoor living to the property.

Rounding out the first floor is a large, multipurpose Do All/Laundry room and a practical Drop Zone that completes this perfect layout.

The Second Story Splendor

As we ascend to the second floor, we're welcomed by two additional bedrooms, each with full baths, providing an ideal space for children or guests. An added bonus is the spacious room with plenty of closet space. This space could serve as an entertainment room, a personal gym, or a hobby room, depending on the residents' needs.

This home tour was not just about showcasing a stunning house but also an insight into the beauty of Stephens Valley. This community embodies the principles of New Urbanism, providing a pedestrian-friendly living experience in a well-designed neighborhood. It combines diverse housing options with sustainable practices, creating a vibrant and connected environment for residents to relish.

We hope you enjoyed this virtual tour of the stunning new Sipple Home. It is a true testament to superior craftsmanship, impeccable design, and quality finishes, making it a dream home for any potential homeowner.

If you want to immerse yourself in the luxury and elegance of this extraordinary home, stay tuned for the next blog post, where we delve deeper into the unique amenities that this property and the vibrant Stephens Valley community have to offer.

6180 Pasquo Rd.

Nashville, TN 37221

4 Beds, 4/1 Baths, 3980 SqFt

$2,019,000 $507/sqft

MLS Listing

Want to tour? Email justin@justinfloydhomes.com

Your 2023 Guide to Nashville's Real Estate: An Insight into the Six Hottest Neighborhoods

As we cross the halfway mark of 2023, it's time to take a closer look at the Nashville real estate scene. Today, we're focusing on six of the most popular neighborhoods, providing a comprehensive overview of current market trends, prices, and inventories. Whether you’re already a resident, planning to relocate, or simply interested in real estate, this guide will offer valuable insights.

1. 12 South: A Premier Residential Neighborhood

Located in the heart of Nashville, 12 South is known for its tree-lined streets, charming bungalows, luxury new builds, and, of course, a steady stream of tourists. As of May 2023, the median sales price for a single-family home was $1.324 million. There were 19 homes for sale in May, marking a significant 137% increase from the previous year.

2. Hillsboro-Belmont: The Charm of History and Walkability

Adjacent to 12 South is the beautiful neighborhood of Hillsboro-Belmont. Nestled close to Vanderbilt and Belmont Universities, this area is loved for its walkability and historic beauties. The median sales price rose to $1.214 million in May, up from $841,000 in January. However, the number of homes for sale decreased slightly, with 13 listings compared to 17 in January.

3. Wedgewood Houston: The Sports Lover's Paradise

Wedgewood Houston, home to Geodis Park and Nashville's Major League Soccer team, is another neighborhood worth considering. The median sales price in May was $780K, marking a 9% year-over-year increase. The number of homes for sale doubled from January, with 20 properties on the market in May.

4. Sylvan Park: The Charm of West Nashville

Sylvan Park, a sought-after neighborhood with a rich history, reported a median sales price of just over 1 million dollars in May. Inventory was low with just 18 listings - the lowest in the last three years.

5. The Nations: Trendy and Growing

The Nations is a rapidly growing neighborhood with a trendy vibe. With its new builds and increasing popularity, the median sales price hit right at $700K for a single-family home, marking a 17% year-over-year increase. As of May, there were 48 homes for sale.

6. East Nashville: The Big Three

In East Nashville, we're combining Lockeland Springs, Inglewood, and Cleveland Park into one. These neighborhoods, each with its unique vibe, reported a median sales price of $605K in May, a slight increase from January and up 13% year-over-year.

Get in Touch

Whether you're thinking about buying or selling a property in Nashville, having a resource you can rely on is crucial. Feel free to reach out to me at justin@justinfloydhomes.com - I'd be more than happy to assist you in navigating the Nashville real estate market.

We hope this blog post has provided valuable insights into the current Nashville real estate market. If you prefer a more visual guide, check out our comprehensive YouTube video covering the same topic.

Remember, real estate trends are dynamic and can change rapidly. Stay updated by subscribing to our YouTube channel, where we frequently post about life and real estate in Nashville.

*keywords: Nashville real estate, Nashville neighborhoods, buying a home in Nashville, selling a home in Nashville, Nashville homes for sale, Nashville housing market, 12 South Nashville, Hillsboro-Belmont, Wedgewood Houston, Sylvan Park, The Nations, East Nashville.

A Deep Dive into Nashville's Housing Market - June 2023 Update

Welcome to the latest real estate news from the heart of the music city! I'm Justin Floyd, your go-to guide for all things real estate in Nashville. Whether you're a Nashville native, a new arrival, or simply contemplating a move, I'm here to keep you in the loop about the ever-evolving Nashville real estate scene.

The State of Inventory and Prices

Exciting news: housing inventory in Nashville is up! In May 2023, we saw an encouraging increase of about 10% in available homes compared to the same time last year. However, with inventory, prices have risen too. The median sales price has seen a significant surge of 9%, taking it up to $633,000. And just to clarify, this data is exclusively for Nashville, excluding the 13 surrounding counties, and pertains to single-family homes.

What Does This Mean for Buyers?

The inventory supply - the amount of time it would take to sell out of all houses currently on the market - stands at 3.8 months. This marks a substantial improvement from last year, making the current market more favorable for buyers. Further good news for buyers comes in the form of the average days on market, which has risen from eight to 25. Despite these positive changes, Nashville's overall home sales are down by 20%. A total of approximately 800 homes were sold in May, compared to 1000 during the same period last year.

The Impact of Mortgage Rates

While inventory availability has improved, the number of homes for sale is still relatively low, and high mortgage rates are further discouraging potential buyers. As of now, mortgage rates hover around the 7% mark. A dip in these rates would likely coax hesitant buyers off the sidelines and into the housing market.

Nashville’s Standing in the Housing Market

In other news, a recent article from Bankrate.com ranked Nashville as the second hottest housing market in the U.S, only behind Charlotte, North Carolina, and ahead of cities like Tampa, Dallas, and Orlando. This shows the undeniable allure of the Southeast, with its steady home values and growing job opportunities. Bankrate.com's rankings were based on home values, employment levels, job growth, population trends, the number of homes listed for sale, and typical selling times.

Update on River North and Oracle's Campus

Finally, let's talk about River North and Oracle's campus. Phase one of River North, featuring several mixed-use buildings, is well underway. Although this phase doesn't include Oracle's campus, the progress made suggests positive future developments for the area.

To conclude, while Nashville's real estate market has slowed compared to last year, it remains vibrant, and the future seems promising. Stay tuned for more updates and feel free to reach out to me at justinfloydhome.com with any questions.

Keywords: Nashville Real Estate, Housing Market, May 2023, Inventory, Median Sales Price, Single-family homes, Mortgage Rates, Bankrate.com, Hottest Housing Markets, River North, Oracle's Campus.

East Nashville Developments That Will Change The Neighborhood

As someone who adores life in Nashville and has a deep interest in the dynamic landscape of its real estate, I'm excited to introduce you to three enormous projects set to reshape East Nashville in the near future.

These projects are nothing short of extraordinary; each of them encompasses a space of over 10 acres! This is quite an impressive feat considering the ever-shrinking availability of such expanses in East Nashville. Although they're yet to break ground as of now, each project is in its unique stage of development, with demolition of old buildings having already taken place in some cases. The diversity of their locations across East Nashville indicates a balanced and sustainable growth for the region.

Our first project is at the former site of the Old Riverchase apartments, located strategically at the base of Dickerson Pike, right at the edge of downtown. These apartments, despite some initial pushback regarding affordable housing concerns, were torn down to make way for a massive 11-acre development. Once completed, the new property will house 1,150 units, with a portion set aside as affordable housing. Additionally, plans include ground-level retail spaces and parking, expected to significantly boost real estate in the area.

Next on our list is an ambitious project deep in East Nashville along the 1500 block of Porter Road. It concerns the almost 20-acre property of Berkshire Place apartments. The plan for this property includes nearly 1,000 residential units, complete with street-level restaurants and commercial spaces. Located next to Englewood Park on Cahall, the new development also promises affordable housing options. This addition is anticipated to make the Porter Avenue, Cahall and Straightway Avenue area an even more desirable place to live.

Lastly, we have a fresh, exciting project situated right on Davidson at the river, adjacent to Shelby Bottoms Park. A group of developers recently purchased this 15-acre property for a whopping $39 million. If approved, their vision for the site includes a multi-building project encompassing hotels, offices, retail spaces, restaurants, and residential units. The buildings could reach up to 20 stories, particularly on the side closest to downtown, gradually decreasing to about eight floors on the side nearer to Shelby Park.

Each of these ambitious projects promises to change the face of East Nashville in its own unique way. While some might have reservations about the upcoming changes, it's undeniable that they herald an exciting era of transformation for East Nashville.

Thanks for reading! If you have any questions or would like more information about real estate in Nashville, feel free to drop a comment or reach out to me @JustinFloydHomes on social media, or visit my website at www.justinfloydhome.com.

Stay tuned for more updates on the exciting changes coming to East Nashville!

Sellers, Have You Considered a Pre-Listing Home Inspection?

Pre Listing Home Inspection

When it comes to selling your home, it’s important to take the necessary steps to ensure that you get the best possible price for it. One of the most important steps that every home seller should take is to get a pre-listing home inspection. A pre-listing inspection can help to inform sellers of any potential problems with their home and can also help to identify any necessary repairs or upgrades that should be made prior to listing the property.

Getting a pre-listing inspection can provide a number of benefits to home sellers. Firstly, it can help to identify any potential issues with the home that the seller may not have been aware of. This can help to reduce the likelihood of buyers uncovering problems during the inspection process, which can lead to delays or costly repairs.

Secondly, a pre-listing inspection can also help identify any necessary repairs or upgrades that should be made prior to listing the property. This can help to ensure that the home is presented in the best possible condition, which can help to increase its overall value. A pre-listing inspection can also help to make the selling process more efficient and less stressful.

By having a comprehensive understanding of the condition of the home, sellers can see thier home through buyer's eyes and avoid inspection period surprises from buyers.

Coming Soon in The Nations

This Coming Soon home in The Nations, one of Nashville's most vibrant neighborhoods, offers the perfect balance of modern amenities and vintage style. Featuring a huge bonus room upstairs, parking pad out front, and dual balconies, this home is perfect for entertaining friends and family. And with 51st Deli, Frothy Monkey, and Bringle’s Smoking Oasis all within walking distance, you'll never be without something to do! Don't miss out on this opportunity to live in a truly special home.

5212A Michigan Ave
Nashville, TN 37209

3 Beds, 2/1 Baths, 2196 SqFt

$649,000 ($295/sq ft)

Who buys now? I do.

We moved and if you watch the news, you know, home sales are down. Prices in Nashville haven't dropped. So why did we move? Well, we had a baby. We made another addition to the Floyd family and our living room looks like an abandoned Toys R us, so we just needed some more space. Where are we moving? One street over. I know. It's, it's the sort of dumb thing that people did when interest rates were at 3% and now they're more than double that. I get it. I totally understand. Where are we going? One street over. It's Cleveland Park, East Nashville. We super believe in the area. It's got parks, hence the name. It's got sidewalks, it's got super walkable, incredible restaurants. It's close to Dickerson, which right now it means nothing, but it will because that area is changing at light speed because of its proximity to the River North and Oracle campus that has started being built and will be done by 2030. But the first phase, the landings, will be done in 2023.

What are the pros of moving right now? One, there is less competition for the houses, so you don't have to pay a hundred thousand dollars more than the listing price. Two, you've got some time. You can go look at a few houses over the weekend and think about it. What are the cons? Your mortgage will no doubt be more expensive now than it was a year ago because home prices in Middle Tennessee have stayed steady the past four or five months really not moved much at all while interest rates have gone way up. So it's more expensive to buy a house now than it was, but I firmly believe that as interest rates come down and they will then home prices will stop hovering and continue to climb. Not at the crazy pace of last year, but at some reasonable pace. Now, a look at our interest rates. We got quoted roughly 6.5% from a few lenders. Then we found a five year balloon that'll save us $700 roughly a month on our monthly payment from what we were originally quoted. So we did the five year balloon, which means after five years, we need to find a new mortgage or pay the thing off. So we were going refinance if we were at 6.5%, or if we're doing this balloon either way, we're refinancing in 2, 3, 4 years. We jumped on that to save some money each month. Did we doubt ourselves? I doubted myself a few times, but uh, now I feel good about it. We move forward confidently and we're excited about it.

If you’re thinking about making a move, I’d love to be your resource.

Thanks for reading!

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