Nashville Leads Luxury Property Market, Study Reveals
| LAST UPDATE 07/29/2022
The home of country music and "well-respected" venues is now taking a new title. Nashville, the capital city of the state of Tennessee, is currently taking over the luxury housing market in the United States. With incredible landmarks, food, and not to mention the residence of the NFL Tennessee Titans, Nashville is transforming from its quaint energy environment to a "cosmopolitan city with a diverse economy and the amenities that luxury buyers expect in an urban hub."
Since the pandemic, there has been extreme interest in the southern city, in addition to tax and lifestyle changes affecting the property market immensely. After nearly a 2-year lockdown from the real world, new interests in amenities have shifted living preferences. A new area defines a new lifestyle, perfectly suiting one day to day activities. With a high climate, lakes, rivers, designated paths for hikes, and impeccable views, the "Sun Belt" city's profile is accelerating vastly. While Florida can offer a low-cost lifestyle, Nashville provides a "strong economy and outdoor lifestyle." Other than New York and Chicago, the easy access to get around and variety of lifestyle choices increases the city's attractiveness to incoming residents, outweighing Florida's sunshine and an overall state value.
Finding the right location for foreseeable residency is more complex than calling it 'home.' Due to the rise of remote work, Nashville experienced the "biggest housing boom" in history. It has been growing economically at a pace that other U.S states can't keep up with. From high-tech Amazon offices to offering a broad range of healthcare and higher education opportunities, Nashville is glowing to become the 'it' city. According to data collected by Realtor.com, the growing supply and demand factors within the luxury property market solely focus on the evolving property taxes, amenities, and listing prices (which fall into the "living measures"). While demand for Nashville is growing, they are supplying more, including luxury mansions, luring in the higher income earners from other states. With this in mind, "54% of Realtor.com users viewing in Nashville were from out-of-state." Though other state citizens are willing to pay more for the value of the location, the growing city still affects wealthy buyers' decisions due to the higher mortgage rates and unforeseeable employment situations.
From skyscrapers and lake views to large perimeter mansions perfect for large families and entertaining, American citizens are moving towards a more country lifestyle. When looking at the top 20 cities considered a luxury, Texas' Dallas and Austin, and Nevada's Reno, fall into this category after having no income tax. With over 12,000 square footage of property in Nashville, these are the most luxurious properties currently on the market down south.