We love looking at national rankings to see how Nashville stacks up to other cities. Our city is starting to gain major national attention and is once again sitting atop another list released by Forbes. In their recent “Best Buy Cities” for 2014 article, Nashville came in at #4. Franklin and Murfreesboro were considered as part of this ranking as well. If you’ve tried to purchase a home in Nashville lately, then this news is probably not a huge surprise. The local housing market has experienced tremendous growth, with many home sales involved in multiple offer situations.
So what does all this really mean?
To dive into what this means, we have to look at what criteria was considered for the list. Erin Carlyle, a Forbes staff writer said, “Each of our Best Buy Cities have high population and job growth, relatively low home prices, and are still considered undervalued. This makes them fairly low-risk investment opportunities for buyers who are smart and know not to overpay.”
What makes this statement impressive is that Nashville was compared to 100 of the largest metropolitan areas in the country with at least a population of 575,000. The fact that Nashville came in 4th on this list speaks volumes about the stability of the housing market here and it’s future. This is a huge confidence boost for anyone looking to purchase a home here or find solid investment properties.
Things to Consider
One thing to keep in mind with Nashville’s housing market is lack of inventory for the current demand. This is why many experts suggest that prospective homebuyers have their financing in place before starting their home search. This accomplishes two things: The buyer is able to swoop in quickly to present an offer on the home they love, instead of waiting to get pre-approved after the fact. Also, if there are multiple offers on the home and the other buyer is not approved yet, then your offer immediately looks stronger.
Whether you currently live here or you are relocating to Nashville, it’s nice to know that the future of the city looks brighter than ever and I’m sure this won’t be the last list that Nashville tops!