by now, everyone has probably heard justin timberlake bought 126 acres in williamson county for $4 million. it’s fun news. it’s really become a family affair since his mom and stepfather also bought here last december. and sure, it’s also fun that the kings of leon guys purchased the historic merritt mansion (built in the mid 1800s) earlier this year for $1.3 million in the up-and-coming weho neighborhood (although no plans have been announced for its use).
truth is though, it’s been a scorcher of a real estate market this summer in nashville all around. for those keeping score, here’s a few other points worth mentioning:
building permits-everyone is building. we had a record breaking 2013-2014 with $1.87 billion in building permits which was a pretty substantial statistic to throw out last year. nashville’s fiscal year ended in june and we finished the 2014-2015 up 30% from that record at $2.4 billion in new buildings and renovations. an astounding 11,708 total permits. which is also a record (up 82 from our previous record breaking 2006-2007 year).
housing market-declared the 3rd hottest housing market in the country in april by auction.com, nashville shows no sign of slowing down anytime soon. home sales have also been up for the first half of the year. june alone was up 14.4%. it’s been over a decade since we’ve seen june numbers this strong. second quarter home sales were up 12.3% from second quarter 2014. at the halftime mark, we are up 12.2% year-to-date from 2014.
rents-rents are up. edge midtown, a new midtown apartment set for completion in august 2015, is raising the ceiling on rent for the city to the tune of $3.20/sqft. a 504-square-foot micro unit there will fetch $1611/month.
justin timberlake may be bringing sexy back but even justin will probably tell you it comes with a price.