Co-own real estate report: Nashville, Tennessee

Tennessee is no stranger to luring people to its dazzling lights, good southern food, and epic music scene. If you’ve had Tennessee on your radar, picking out the best city to live in is the next obvious step. While there are plenty of options, one city sticks out above the rest—Nashville.

Nashville, the Music City, offers a whole lot more than honky-tonk. It consistently ranks among the top places to live thanks to its blossoming job market, an exploding entertainment scene, a high-quality of life and a relatively low cost of living. For many people, Nashville offers the perfect opportunity to enjoy the perks of a big city without spending your entire paycheck on a mortgage.

Nashville is in the North Central region of the state of Tennessee. This central location means it is within a two-hour drive of Chattanooga, and easy access to The Great Smoky Mountains and Kentucky Bourbon Trail. The international airport also serves all major airlines and has daily nonstop flights to many major US cities.

Nashville also offers consistently strong job growth. Technology and healthcare are the top two employers in the city, along with many companies headquartered in or near Nashville, such as Bridgestone Tires, Vanguard Industries and Nissan North America. Other major employers include Amazon, Vanderbilt University and Vanderbilt University Medical Center. And enjoy keeping more of your hard-earned money thanks to no state income tax.

If you’re a foodie, you’re in luck in Nashville. The city is home to some fantastic food, breweries, and bars. Nashville is known for its hot chicken—a spicy take on traditional fried chicken.

And, while we likely don’t need to state it, Nashville has one of the best live music scenes in the country. All these reasons and more make Nashville continue to be one of the best places to co-own in the United States.

What makes Nashville attractive for co-buying

Nashville might be associated with entertainment, but it also offers people highly esteemed school systems and a great economy. According to US News & World Report, almost 50 of the city's high schools were ranked in the top contending spots for the same publication, noting them as some of the best in the country. Two colleges were also voted onto the Best College ranking on the US News & World Report's chart.

Additionally, Nashville is not just a top destination for tourists but also for out-of-towners looking for a place to call their own. From January 2021 to March 2022, Nashville had the third highest increase in residents in the US. An estimated 36 people move to the Nashville region each day.

11.4% increase in median home sale price year over year

$440,000 median home sale price

48 days on the market (on average) before sale

97.7% sale-to-list price

Short-term rentals in Nashville

Nashville’s short-term rental statistics include:

63% occupancy rate on Airbnb

$313 average daily rate

~$5,000 average monthly revenue on Airbnb

65 / 100 rental demand

92% are entire home rentals

52% of listings are on Airbnb, 12% on Vrbo and 36% are listed on both

Nashville is an increasingly popular short-term rental (STR) market. STR regulations and requirements vary by city, so please check the city of Nashville for further information.

What to see in Nashville

Broadway

Broadway is the beating heart of downtown Nashville. Spanning several blocks, you can find plenty of bars, clubs, restaurants, shops, saloons, and honky-tonks as far as the eye can see. You can hear live music spilling out of the dozens of bars and pubs. No trip to Nashville is complete without spending some time on Broadway.

Cumberland Park

Nashville has beautiful views of the Cumberland River, a 700-mile waterway that runs through Kentucky and Tennessee. Officially called a “riverfront play space,” Cumberland Park offers bike paths, climbing structures, butterfly gardens, and an amphitheater for outdoor concerts. 

Music Row

Music Row is the single most famous street in Nashville. It is packed with record labels, radio stations, recording studios, and music production companies. There are plenty of tours available for recording booths and radio towers, and there are several local landmarks for sightseeing, including the statue of a famous producer in front of a grand piano.

Grand Ole Opry

Known as “the show that made country music famous,” the Grand Ole Opry has been running for almost a century. It offers all the latest and greatest in country, folk, gospel, and bluegrass music, and it’s easily one of the best things to do in Nashville.

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Nashville

Nearby cities

• Chattanooga, Tennessee – 2 hours
• Louisville, Kentucky – 2.5 hours
• Memphis, Tennessee – 3 hours
• Atlanta – 3 hours, 45 minutes
• St. Louis – 4.5 hours
• Indianapolis – 4.5 hours

Nashville co-buy opportunities

104 Lafayette Ct, Nashville, TN 37205

Asking price: $995,000

Estimated down payment: $199,000

Estimated mortgage: $5,741/month

Estimated rental revenue: $4,602/month

713 Arbor Trace Cir, Nashville, TN 37207

Asking price: $580,000

Estimated down payment: $116,000

Estimated mortgage: $3,347/month

Estimated rental revenue: $6,512/month

2792 Waters View, Nashville, TN 37217

Asking price: $619,100

Estimated down payment: $78,980

Estimated mortgage: $2,279/month

Estimated Airbnb revenue: $4,938/month

Sources:

Nashville Airbnb Calculator

Nashville Housing Market 

Nestment, Inc. does not guarantee and is in no way responsible for the accuracy of information provided in this blog post. All information is provided “AS IS” and with all faults. Data presented here may not reflect all real estate activity in the market.  While the information on this site is about legal and tax issues, it is not intended as legal or tax advice or as a substitute for the particularized advice of your own attorney and tax professional.

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