REGIONAL SPOTLIGHT: NASHVILLE, TENN
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Looking for a new market to invest in real estate? Wondering what’s happening in the middle TN property market? Check out this round up of local property data and economic trends…
In real estate and investment circles the greater Nashville, TN area is known not just for its famous music scene, but also as an affordable and more stable property market for those seeking income.
How has COVID-19 and the chaotic events of 2020 been changing that, if at all? What is the state of the market for investors? What is the outlook ahead?
Middle Tennessee
Middle TN is anchored by state capitol, Nashville. Music City is also the most populous in this state, with a population of almost 2M in 2019. The population here has grown at every census since 1810, with the exception of 1960. Around 100 people move here every day. In 2017, it was recognized as having the fastest growing economy in the US. In addition to music, this region has moved beyond manufacturing to being supported by a diverse economy. One built on tourism, healthcare, insurance and financial services. Many Fortune 50 companies have offices here.Economy & Business Growth
Brandon Cobb of The House Buyin Guys says that while many local investors began prepping for the worst when COVID-19 hit, that never materialized. Smart investors started focusing on more affordable properties and building in more cushion on their offers, expecting property prices to dive. Instead, Cobb says the market not only kept running, but demand is up. Especially demand from retail home buyers. They are finding their listings going under contract in just 1-7 days. He says that despite foreclosure and eviction moratoriums and COVID-19 measures, people just keep moving and buying here. Many are coming from expensive coastal cities. Others are drawn by the small city feel and no state income tax. The city has new Amazon facilities and an MLS stadium. He describes it as a “young Atlanta.” A market not as affected in 2008 as other major cities, and one that doesn’t seem to be feeling the pinch this time around either. Brandon, who is a member of the Forbes Real Estate Council, and specializes in wholesaling houses to fix and flip investors says this market is a great fit for those with idle funds, wanting passive income, better returns and stability for their IRAs and access to investment grade property. His company focuses on wholesale properties in the $100l-$190k price range, which can resell for $250k-$300k after repairs.
For those local businesses which are struggling, the government has pledged tens of millions of dollars in support. Many won’t need it. They are still growing fast. According to data from The University of Tennessee, Boyd Center for Business & Economic Research, TN employment actually kept growing year over year through the first half of 2020. According to the Nashville Business Journal in August 2020, the city’s fastest growing businesses have been growing by as much as 100% to over 300% per year.
Middle TN Real Estate Statistics
According to Redfin, average Nashville, Tenn, home prices stand at $328k, or $191 per square foot. They are selling for around listing prices, with an average marketing time of 43 days, and average down payment of 12.2%. Home prices and closings appear to be up by around 12% year over year. According to Greater Nashville Realtors, single family homes recently hit a new record high of $344,420. Word of Facebook’s recent investment in a $800M data center in Middle, Tenn, is likely to only fuel this growth further.
Brandon Cobb
Co-Founder, “The House Buyin Guys”
If you are interested in learning more about how you can get added on Brandon’s list to receive off market wholesale properties in Middle Tenn, or learn more about how you can receive passive income secured by real estate through Brandon’s company, you can contact him at: [email protected].
For more tips, follow Brandon on his Facebook page at: https://www.facebook.com/brandon.cobb.3950
