Nashville, TN is known as Music City and is the world capital of country music. In Nashville, there is always live country music playing somewhere in town. There are roughly one hundred and fifty live music scenes scattered all around the Nashville area. You can find the Musicians Hall of Hall Fame and Museum along with the Country Music Hall of Fame in Nashville. You will also find the Grand Ole Opry at the Gaylord Opryland Resort and Convention Center. This heart of Country music hosts over sixty festivals and events which include the Americana Music Festival and the Country Music Awards.
Real Estate in Nashville is booming right now as well. Nashville has one of the highest years over year home appreciation values in America, ranking in the top 50 on metros in the United States. The rapid growth in real estate values has been creating a great environment for folks to invest in real estate in the area and is making some positive impacts on the local communities.
So what is driving the market for real estate in Nashville? Quite simply, it is the economy. The economic outlook for Nashville is through the roof. The city of Nashville has a 3.3 percent year over year growth. What’s fueling this red-hot real estate market in Nashville you ask? Simple, it’s economy. Nashville has the music industry and tourism industry to mostly thank for great growth they have seen in recent years, but those are not the only things driving all the growth in the area. The other major industries in Nashville that greatly contribute to the economic value of Nashville are the health-care, transportation, and banking industries. Some of the major brands which operate in Nashville include Lyft, Caterpillar, Bank of America, US Bank, AT&T, Vanguard Health Systems, Bridgestone, Firestone, and Hospital Corporation of America.
Along with that great economic landscape in Nashville, TN there is also an abundance of jobs. Last year in Nashville there was nine percent increase in new businesses opening over the previous year. As for the unemployment rate, Nashville has seen a two and a half percent decrease month to month over the last few years and shows a steady supply of new jobs opening all over town. In fact, the current unemployment rate in Nashville is nearly one percent lower than the national average, and that gap continues to widen. On top of that, overall job growth in Nashville is expected to grow nearly fifty percent over the next decade signaling that Nashville will be one of the best places in the country to find a job for the foreseeable future.
With the growing economy and shrinking unemployment rates, Nashville must build new residential homes and apartments to keep up with the pace of the growth. The only downside to all the growth is that Nashville is having a difficult time keeping up with the new construction needs to keep home prices in line with the influx of new residents moving to the area seeking better jobs and a better life.
Check out our website for a listing of rent-to-own home available in Nashville, TN.