Nashville, TN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Nashville, TN Housing Market Trends

With a population of 670,820, 272,648 total housing units (homes and apartments), and a median house value of $278,634, Nashville real estate is some of the most expensive in Tennessee, although Nashville home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Nashville, accounting for 51.61% of the city's housing units. Other types of housing that are prevalent in Nashville include large apartment complexes or high rise apartments ( 31.28%), duplexes, homes converted to apartments or other small apartment buildings ( 8.07%), and a few row houses and other attached homes ( 7.49%).

People in Nashville primarily live in small (one, two or no bedroom) single-family detached homes. Nashville has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Nashville built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Nashville built between 1940-1969 ( 27.39%). A lesser amount of the housing stock also hails from between 2000 and later ( 23.83%). There's also some housing in Nashville built before 1939 ( 6.25%).

Nashville Home Appreciation Rates

In the last 10 years, Nashville has experienced some of the highest home appreciation rates of any community in the nation. Nashville real estate appreciated 99.80% over the last ten years, which is an average annual home appreciation rate of 7.17%, putting Nashville in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Nashville definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Nashville's appreciation rate, at 6.70%, has been at or slightly above the national average. In the latest quarter, Nashville's appreciation rate has been 1.50%, which annualizes to a rate of 6.13%.

Relative to Tennessee, our data show that Nashville's latest annual appreciation rate is lower than 60% of the other cities and towns in Tennessee.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Nashville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Nashville - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Nashville real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$278,634

Nashville, TN HOME PRICES

> $1,291,000
1.9%
1.9%
$968,001 - $1,291,000
2.4%
2.4%
$645,001 - $968,000
6.6%
6.6%
$516,001 - $645,000
6.2%
6.2%
$387,001 - $516,000
14.0%
14.0%
$258,001 - $387,000
26.9%
26.9%
$129,001 - $258,000
33.4%
33.4%
$65,001 - $129,000
6.2%
6.2%
$0 - $65,000
2.2%
2.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for TN

Value Relative To Nation

Number Of Homes And Apartments:
272,648

Nashville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
148.57% 4.38%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,612 / per month

Homeownership Rate

Owners
52.2%
52.2%
Renters
47.8%
47.8%
Vacant
9.7%
9.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
23.8%
23.8%
1970 - 1999
42.5%
42.5%
1940 - 1969
27.4%
27.4%
1939 or Older
6.2%
6.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
51.6%
51.6%
Townhomes
7.5%
7.5%
Small Apt. Buildings
8.1%
8.1%
Apt. Complexes
31.3%
31.3%
Mobile Homes
1.5%
1.5%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.8%
2.8%
1 Bedroom
15.2%
15.2%
2 Bedrooms
30.8%
30.8%
3 Bedrooms
36.7%
36.7%
4 Bedrooms
12.1%
12.1%
5 or more bedrooms
2.4%
2.4%
0.0% 100.0%
% OF HOMES