With new skyscrapers up, more businesses moving to Davidson County and higher job availability, Nashville is growing fast. Along with our city’s massive growth comes an increase in demand for real estate. We put together some statistics on the growth of residential real estate in Davidson County. Let us take you through the timeline of Davidson County’s residential real estate growth from 2019 all the way back to 10 years ago.
These statistics have been accumulated from the Realtracs website using the InfoSparks market research tool. The data provided is from Davidson County alone. All data has been compiled from each year since 2008. Therefore, total numbers are added from 2008 to current. This data is based on all price ranges, property types and number of bedrooms.
Property types include:
- Single Family
- Manufactured Home
- Modular Home
We have seen Nashville change in a lot of ways this past year with the tourist boom. Real estate faced a lot of changes as well. In fact, the average home sales price growth was up by 6% ($20,574) along with the average price per square foot that went up by 5.2% (10$). Prices went up, but number of total new listings went down by 4.6% (996 listings). With this being said, the growth in the number of homes for sale and the total number of closings went up, projecting our good market. Growth in the number of homes for sale was up by 2.4% (89 homes) and the growth in total number of closed sales went up by 6.6% (908 closings). The average days a home spent on the market makes sense when looking at the data and increased by 11 days. We would say, it wasn’t a bad year.
Skipping down to the past to three years, we see that there was a huge jump in home sales price growth, the number of homes for sale and price per square foot. This shows that Nashville’s growth in general has been continually increasing over time. The average home sales price growth went up by 23.3% ($72,421), the number of homes for sale increased by 23.5% (730 homes) and the price per square foot went up by 25.2% ($41). With all of this growth, the number of total closed sales increased by 7% (950 closings) and the average day a home sits on the market increased by 12 days.
In the past 5 years, the average home sales price growth went up by more than half, 53% ($132,120). This is not the only factor that increased drastically in 2015. In fact, growth in the total number of closed sales increased by 20.74% from years previous, the average price per square foot went up by 53% (a $70 increase) and the total number of new listings grew by 17.4% (3,063 new listings). Nashville was a different city 5 years ago and this data proves that with prices shooting up and the number of sales increasing. The growth in the number of homes for sale increased by 9.22% (324 homes). With this massive growth, the average day a home sat on the market surprisingly only went up by one day.
Lastly, Nashville’s growth in the past decade has been tremendous. Think back to 10 years ago and try to imagine how far Nashville has come between then and now. This growth is proven through the data we have collected. In fact, the average home sales price growth increased by 98% ($189,485), growth in the number of total closed sales went up by 79.4% (6,447 closings) and the average price per square foot increased by 85.3% ($93). With all of this growth, we did see a few numerical decreases. The number of total new listings went down by 4.1% (880 new listings) and the number of homes for sale decreased by 39.1% (2,465 homes). On the plus side, the average number of days a home is on the market decreased by 18 days.
What does this say about residential real estate in the past decade?