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.