Last week, The Tennessean dug into a topic that a lot of Nashville homebuyers will find familiar: the struggle to find an affordable home, and how Nashville-area developers and investors are addressing that need.
“Affordable” is subjective, but in that piece, the focus was on properties that fell below the average price of a home in the Nashville region. For the third quarter of 2017, the Greater Nashville Realtors lists that at $287,000, up from about $264,000 in 2016.
Buying a home in Nashville below that median price is genuinely difficult — in part because our housing supply (particularly under $300K) is still lagging, and our population is still ballooning.
In July, NewsChannel 5 noted that Nashville’s population was growing at nearly triple the national rate. Meanwhile, at the end of September, our supply of single-family homes was at about two months, condos about a month and a half.
A healthy housing supply is about six months.
As this was being posted, the crop of single-family homes, townhomes and condos listed under $285,000, across all of Nashville, numbered at 395. Consider the number of sales happening each quarter (in the third quarter of 2017, it was about 8200) and the below-median-budget buyer’s woes are pretty clear.
Specifically looking for new construction? Turn the woe dial up even further.
Finding your (Ashland) Place in Nashville
So with the difficulties outlined, let’s move to solutions.
The Tennessean’s piece outlines how “New Nashville developments offer homes for less than city’s median price,” noting new communities in Antioch and Old Hickory, some with home prices listed in the low 200Ks.
We hope to see more new communities like those pop up, offering homeownership options to first-time buyers.
Right now, we’re particularly thrilled to be listing new homes in a beautiful new community in Nashville proper, with properties that fall right into that asking-price sweet spot.
Ashland Place in northwest Nashville — minutes from downtown, the Charlotte corridor and The Nations — is under construction now, with completion expected in March.
A total of nine remaining Phase 1 homes are on the MLS now, ranging from a 2-bed, 1 1/2-bath unit listed just over $200K to spacious 3-bed/3-bath homes just under $260K.
All Ashland Place homes have upscale finishes — stone countertops, custom tile, hardwoods — and floorplans range from just over 1,000 square feet to over 1,700 square feet.
There’s a distinct need for homes right in Nashville, in this price range, and we’re happy to not only show off properties that fill that need, but that deliver high-end details too. It’s not just living in Nashville at a below-median budget, but living decidedly well.
You can explore the remaining listed Phase 1 Ashland Place homes here, and learn more about the community at liveashlandplace.com.
Have any questions, or interested in exploring Ashland Place in person? We’d love to introduce you. Call or email ACRE, and tell us about your new-home needs.