It’s no secret that people from outside the state of Tennessee are relocating to Middle Tennessee in droves. We have people reach out to us all the time from places like Chicago, New York and California, looking to relocate here.
Typically it’s been the lack of state income tax, four seasons, good schools and a lower cost of living that have been the key drivers of that traffic.
But this year, there’s a whole new factor into the mad influx into the Nashville area and that is the COVID-19 pandemic. According to a recent Tennessean article, half of the Nashville search traffic on Zillow.com is coming from outside the metro area, which represents a 7 percent year-over-year increase.
And not surprisingly, those out-of-state searchers since the pandemic began are coming from Atlanta, Chicago, Los Angeles and New York.
So many of those looking to move here are interested in a home with some land. Maybe they are a family of four that has been confined to a small 2-bedroom New York City apartment. Or a family that is tired of paying California prices for postage-stamp-sized homes.
There are buyers selling 800-square-foot homes in urban areas of California and are coming to Nashville with $1.5 million to spend.
We are blessed in this area because we have urban condo inventory if that’s what a buyer wants, but we also have beautiful, bucolic land that is a fraction of what it would cost in Chicago or Los Angeles and is much more convenient.
This property is a great example. It offers 44 acres of land in the prime area of Leiper’s Fork. It’s enough room for either a massive privacy buffer or a horse farm – depending on what the buyer wants to do with it. It is surrounded on three sides by land that can’t be further developed and features both flat pastureland as well as more hilly, wooded areas.
People relocating here from larger metropolitan areas can’t believe they can get 44 acres of land in a quaint artisan village for the same price they got for their 1,000-square-foot bungalow with no yard in Venice Beach.
The second quarter of 2020 saw home values rise due primarily to low inventory. Mortgage rates remain low and according to the Greater Nashville Realtors, the median home price in Nashville for August was $346,172.
Many buyers new to the Nashville market don’t know the important minutia about buying in this area, which is why it is so important to select a Realtor with a deep understanding of neighborhoods, home values and market trends. We are proud to be native Nashvillians who have a deep working knowledge of real estate in this area. Let us help you make sure you invest wisely and plant roots deep in an area that will be home for years to come.
For more information, reach out to us at (c) 615.351.7333 or Lana.Pargh@compass.com.