An increasing number of high winners of Los Angeles and New York City are changing their coastal lifestyles to start in Nashville, TN, where the housing market offers more strength for its much, along with a healthy southern charm dose.
Gary Ashton, a founder of the Re/Max Advantage real estate group in Nashville, tells Realtor.com® that the state capital of Tennessee, where he has lived for almost 25 years, has been attracting coastal transplants in the last two years.
It accredits the winning combination of the city of well paid jobs in various sectors, a vibrant entertainment scene and, perhaps most importantly, the fact that there are lower property taxes and taxes on state income taxes.
According to Ashton, the owners of coastal housing have been able to take advantage of their wide equity and buy it to buy larger and luxury properties in Nashville and their suburbian tributaries.
Last year, Realtor.com users of The Big Apple represented more than 3% of all the spectator’s traffic on Nashville lists, second in Chicago.
Meanwhile, online housers of the, looking at Homhville’s sale houses, accounted for 2.8% of the total traffic of the spectators.
Enzo Fiore, a real estate agent with Ashton’s Re/Max group, says 99% of their sales so far in Tennessee have involved Californians who seek to take single -family properties in land plots available to food and retail.
“They want the land, Tennessee’s tax benefits, accessibility, maintaining their lifestyle near restaurants, shopping and things to do,” says Fiore.
Booming economy feeds migration to Nashville
Several factors have contributed to the gradual increase in Nashville’s popularity among the states, including a robust local economy reinforced by a wide range of local industries, from entertainment to healthcare, technology, manufacturing and finance.
The turning point came in 2005, when Nissan Motors moved its California headquarters to the Franklin Nashville suburb, bringing thousands of jobs in the area.
Other large companies followed during the following years, including Amazon and the Oracle software giant, which is preparing to open a new global headquarters in Music City.
Not in vain, Nashville’s unemployment rate in April was 2.8%, which is significantly lower than the 4.2%national rate.
In comparison, during the same period, the non -work rates in New York and Los Angeles reached 3.5% and 5.8%, respectively.
Apart from increasing employment opportunities, Ashton says that Nashville has constantly refrigerated, attracting a multitude of music lovers to his iconic Broadway places, sports fans at football stadium and hockey arena, and Rowdy Bachelorette parties in the ubiquitous city pedal bars.
“When I first moved to Nashville, I think people knew that maybe it is fair [for] Country music, and that was, “he says.” With the years that perception has changed quite a bit. “
In addition, Nashville has been distinguished as a city that offers its residents a high quality of life measured by key lifestyle metrics such as travel times, prices for everyday basic products and environmental risks.
As a result, Nashville’s robust luxury segment has skyrocketed, helping to propel the city to the top of the Wall Street Journal/Realtor.com luxury housing market in July 2024.
According to the latest data analyzed by Realtor.com experts, more than 18% of Nashville’s sale homes were priced over $ 1 million in April, up to almost 8% six years ago.
In context, by 2024, more than 13% of the houses sold in Nashville were price of sales of $ 1 million or more, up to 11.4% the previous year, and the part of properties that have obtained seven figures has been growing since 2021.
The luxury price threshold in Nashville, based on the highest price in the market in the market, was $ 2.5 million in April, dropped by 9% over a year, continuing a downward trend that began last September.
But, despite softening, the luxury price threshold was still 85.7% higher last month than in April 2019.
“Although a few years ago much less affordable than a few years ago, Nashville has low household prices in relation to New York and La, along with more space and many attractive amenities,” says Hannah Jones, a leading economic research analyst at Realtor.com. “As more companies gave employees to remotely work, domestic buyers sought to flee their high -priced coastal markets in search of more times for their quantity. Nashville saw an influx of activity as it offers a lot of charm, without losing the comforts of the larger cities.”
A zoom look at the Nashville Housing Market shows that in April, the median list price in the city was $ 550,000, which is a 4% decrease compared to the previous year.
During the same month, New York City and Los Angeles saw that their median list prices rose to $ 789,000 and $ 1,195,000 respectively.
Fiore, Agent Nashville Re/Max, says many of his customers from Los Angeles seek to spend more than $ 1 million on Nashville.
“It’s hard to find houses at less than $ 1 million, so most customers selling there and moving to Tennessee spend more than $ 1 million,” says Fiore. “Being able to get to Tennessee, without tax rent taxes, and see how far their money comes here compared to the one, it is not an idea that is not.”
Re/Max’s companion, Angela Terrance, says that this is not just the great inhabitants of the apple and Angelenos who want to call Nashville “at home”. Its customers include transplants from all California, from San Diego to San Francisco, as well as Chicago, Kansas and Washington State.
And, although Terrance agrees that most newcomers are attracted to Tennessee for lower and more affordable taxes, there is another reason that many people seek to move to the South Metro.
“Many come here for political reasons,” says Terrance. “They are upset with the policy of their state of origin and consider Tennessee better.”
Another tendency that Terrance has been seeing is an influx of multigenerational families who move together.
“They meet and fly several houses,” he says about their buyers outside the state. “Or one moves, and on the road, some more follow the same.
Downtown Bullic and luxury suburbs
When the new arrivals choose to establish -Nashville largely depends on their demographic and socio -economic profile. Young professionals with a budget usually buy conditions less than $ 1 million, with services in the city center area or near, where they can be close to all actions, according to Ashton.
In the meantime, families with children are usually in the market of single -family homes with half -acre batches at 1 hectares in suburbs, where the properties exceed more than $ 1 million.
And deep pocket transplants that seek more surface and privacy usually put their sight of views such as Belle Meade and Leiper’s Fork, where houses are usually sold up to $ 3 million.
Fiore anticipates that as home prices and property taxes continue to rise in California, individuals and companies will be collecting Nashville for a more affordable and “pleasant” lifestyle.
“For what you buy a 1,000 -feet boot house, you could buy a fantastic house with Land in Brentwood or Franklin,” says Fiore, referring to two Nashville luxury suburbs.
#taxes #entertainment #scene #huge #raffles #Tennessee #city
Image Source : nypost.com