Tennessee’s giant growth momentum accelerated during the pandemic and vaulted Nashville’s real-estate market into the top slot for investors. Home prices seemed to reach impossible highs this past year. The Greater Nashville Realtors reported in September that the median price for residential listing is currently around $414,853. The price increases should be a clear message to buyers to jump in now before they get even higher, and they will. Nashville is currently number one on the list of markets that investors want to throw their cash.
We knew things were about to escalate for Nashville when Oracle announced plans for a campus along the East Bank of the Cumberland River. In late October, it was reported that a Texas tycoon is putting billions on the line to gamble on the North Nashville riverfront’s potential as a global destination. He has committed at least $2.5 billion to realize a vision for “The Riverside” that could potentially shoot Nashville to top-tier city status. The sprawling property sits 120 feet above the river’s north bend at its highest point, offering a view of the river arcing around the downtown Nashville skyline a mere three miles in the distance.
Additionally, there are projects like the Ritz-Carlton development that will boast two towers once completed: the 46-story tower of hotel rooms and branded residences, and a neighboring tower that will house rental units. Construction is targeted to begin by the first quarter of 2022, and once the Ritz-Carlton is up and running, it will join the Hermitage Hotel and The Four Seasons as one of just a handful of five-star hotels in Nashville. However, looking at this bird’s eyed view of Nashville’s future, these hotels are just the beginning of things to come.
We pride ourselves on keeping our fingers on the pulse of the many changes occurring around our beloved city. Author Arnold Bennett once said “any change, even a change for the better, is always accompanied by drawbacks and discomforts.” Whether you are a Nashville native (yes, they do actually exist) or a transplant, opinions of what these “drawbacks” and such might be may differ greatly; but we think it’s fair to assume that the current challenges and excitement in Nashville’s real estate market is presenting some growing pains for everyone. We would love to help make things a bit more manageable. Give our team a call! 615.720.6926