folks waiting for the housing market to cool down before buying here will be waiting a little longer. nashville closed 40,482 home sales in 2017, up 3.9% from 2016 but also breaking the record of 40,056 set in 2006, according to the greater nashville realtors® data. the median price last year for a single family home was $294,000 and for a condominium was $209,450, up considerably from 2016’s $266,408 and $180,000.
inventory of homes for sale also remains lower than previous years. the number of homes for sale at the end of 2013 was 13,580. that number has dwindled considerably in the past five years, falling to 9,011 at the end of 2017.
ok maybe a little early to call but a stretch of road that has long been underdeveloped and unloved, is finally getting its place in the spotlight. and when you think about it, why hasn’t it been already? the convenience to downtown and the city views are pretty incredible. developer strategic options has been slowly acquiring 10 different acres on the strip for awhile and is ready to pounce. the developer presented plans this month to build a 4-story, 60,000 square foot mixed-use building where a liquor store and a former mrs winners stood. if approved, the project will include 67 condos, 3,000 square feet of commercial space and a 4,200 square foot rooftop deck for the condo owners. construction could start early 2018. it includes 829, 835, 837 and 839 dickerson.
the same developer is also looking at building 50 townhomes and condo flats (22 townhomes, 28 condos) at 900 dickerson. tentatively titled the 900, the development will sit on a 1.93 acre lot near the intersection of cleveland street. the 22 townhomes will include 2-car garages and rooftop terraces. the development will also include 1,600 square feet of retail space on the street level. if approved, they could break ground this fall.
then you’ve got the charlie bob’s lot a little farther north on dickerson. after 65 years of business, charlie bob’s diner at 1330 dickerson closed in april to make way for the 4.5 acre sale to bristol development. originally, bristol was planning a 186-unit apartment complex but there’s been more recent talk of a mixed-use community with workforce housing and possibly even keeping the 50’s diner building that fronts dickerson.
“while we don’t have any concrete plans, we are exploring some ‘outside of the box’ residential and commercial concepts that we feel would be a good fit for this quickly evolving pocket of nashville. with it’s proximity to downtown, east nashville and germantown, we are excited about the possibilities.” -beau daniel, development associate, bristol
behind bristol’s 4.5 acres, superior development llc has 23 acres under contract with plans for 300 residential units and 12,000 square feet of commercial space that will front dickerson. among the 300 residential units, superior plans to build single family homes, condo flats and studio flats. workforce housing is a part of the plan as well.
around the corner at 1016, 1018 and 1020 white’s creek pike, property owner hoss mousavi is planning a 44-unit condo/loft development.
part of the momentum surrounding dickerson pike can be attributed to the new plans for the east bank, north of the titans stadium. river north is an ambitious revitalization effort, currently in the planning stages, of 105 industrial acres on the river: high-rise office buildings, high-rise residential buildings, retail, dining, hotels, big dreams, big plans. first phase will be a marina and a riverfront plaza as well as new park space which will include a one-mile walking/bike path. no word yet on when river north breaks ground but there are also plans to eventually connect the development with a pedestrian bridge over the river to germantown.
the nashville area home sales had a record setting second quarter, up 2.8% from second quarter 2016. the median residential price for a single family home in june was $293,753, almost a new record. the demand for more affordable inventory is a need the city hasn’t been able to keep up with.
nashville home sales were up 18.5% for the year, selling 30,917 homes & condos in 2013. this marks the first time since 2007 homes sales exceeded 30,000. there were also 2,032 pending home sales at the end of december in the pipeline compared to 1,857 pending home sales at the end of december 2012. this is positioning our market for a strong january 2014 as well.
…it was. with the lack of downtown high rise inventory to purchase at the end of 2013 (only 64 resale units and no developer-owned units), the prices have continued to trend upwards. if twelve twelve, the newest 288-unit high rise in the gulch, which is currently being built as luxury apartments switches gears and officially becomes condos for purchase in mid-march, that could be a much needed game changer for the spring.
nashville housing market boasts its best year since 2007. the area witnessed 26,097 homes sold in 2012, up 26.5% from 2011 and marking the first time since 2007 that sales broke the 26,000 mark.
the greater nashville association of realtors reports the fourth quarter finished strong as well, up 30.7% from the previous year. december, up 21%, was the ninth consecutive month of selling more than 2,000 homes.
the nashville area is also seeing a rise in the median housing prices. the median single-family home price in december was $187,900 and for condos was $149,178, compared to last year’s $168,500 and $140,062 respectively.
a feat we haven’t seen since 2006, home sales were up at the end of the year compared to the previous. 20,624 homes were sold for the year giving us a 1.8% increase over 2010. 4th quarter was up 17.9%. even though prices were still down, this is encouraging news for the economy and the housing market.
december, up 18.2%, marked the sixth consecutive month in double digit gains in the greater nashville area. there were 1,652 pending sales to close out the year (up from 1,273 in 2010) signaling 2012 will be off to a good start as well.