Nashville has been a hot destination for over a decade. The population has grown enormously, and many residents come from other places across the country. As a matter of fact, Nashville is one of the fastest-growing cities in the country. If you’re looking to make a move, you might want to consider calling Nashville your new home. Between its growing economy and friendly surroundings, Nashville has become a beautiful place to live.
Of course, with a lot of growth comes a lot of shifting trends. Take the luxury housing market, for example. Luxury homes have gained popularity in Nashville recently, and the luxury home market has taken up space. Here are some luxury real estate trends happening in Nashville this year.
The growing Nashville economy
One of the most important trends happening in Nashville is the city’s booming economy. Nashville is home to one of the largest music industries in the world, which creates plenty of jobs and business opportunities. The country music industry alone generates billions of dollars annually, putting a lot of that money right back into the local economy. The construction and healthcare sectors are also strong in Nashville, fueling growth and job creation in the area. This job growth will likely impact the luxury housing market in 2022 as more people start searching for luxury home options.
The commute to work in Nashville
Last year, many Nashville residents began working from home. For some people, that switch became permanent. Many of Nashville's employees will continue working from home many years into the future. Others have either never worked from home or have gone back to the office full-time. Several companies have adopted a hybrid approach for their workers, combining remote work with time in the office.
No matter their work situation, Nashville homebuyers should consider their commute when searching for luxury homes in 2022. Those who work remotely should ask themselves if they want a home with office space. As they view potential new homes, they should also ask themselves if they can picture a work environment somewhere in the space.
Remote workers might also consider their new home's proximity to other places. Coffee shops, libraries, and similar places can make excellent workstations for those who want to leave the house often.
Those who do commute should make sure that the drive is worthwhile. In Nashville, a home's location is just as important as its amenities. Living in a growing city means living with growing traffic.
No matter their work situation, Nashville homebuyers should consider their commute when searching for luxury homes in 2022. Those who work remotely should ask themselves if they want a home with office space. As they view potential new homes, they should also ask themselves if they can picture a work environment somewhere in the space.
Remote workers might also consider their new home's proximity to other places. Coffee shops, libraries, and similar places can make excellent workstations for those who want to leave the house often.
Those who do commute should make sure that the drive is worthwhile. In Nashville, a home's location is just as important as its amenities. Living in a growing city means living with growing traffic.
Nashville luxury real estate in 2022
Like all Nashville real estate, the luxury home market has a high demand. The market has decreased slightly this year, but don't assume that this means the market isn't still hot. Quite the opposite is true, actually. The fact that the market is still hot after decreasing is a testament to just how scorching it was before.
Prices, unfortunately, will continue to increase. In 2021 alone, the costs of homes in Nashville rose by a significant margin. Real estate experts believe this trend won't stop any time soon.
What does this mean for homebuyers? First, it means that prospective homeowners should make their offers sooner rather than later. This includes luxury home buyers. The faster buyers secure a home, the more they can avoid price increases. However, there is good news for luxury homeowners. As property values grow, buyers can make the most out of their investments.
Prices, unfortunately, will continue to increase. In 2021 alone, the costs of homes in Nashville rose by a significant margin. Real estate experts believe this trend won't stop any time soon.
What does this mean for homebuyers? First, it means that prospective homeowners should make their offers sooner rather than later. This includes luxury home buyers. The faster buyers secure a home, the more they can avoid price increases. However, there is good news for luxury homeowners. As property values grow, buyers can make the most out of their investments.
The demand for luxury real estate
Middle Tennesseans have higher household incomes than the rest of the state, so it should come as no surprise that so many buyers want luxury homes. Middle Tennessee residents have always been willing to pay larger amounts to secure their dream homes, and that trend won't change. In fact, it will only become more significant.
Again, the city's population becomes larger every day. According to one estimate, more than 100 people move to Nashville every day. Other estimates say that the number is closer to 80 these days.
Either way, why do so many new people want to call Nashville home? In many cases, they move here for the same reasons people have always wanted to move to Nashville. The city provides professional opportunities, a place for young families to grow, and of course, the potential for future country music stars.
However, many of Nashville's new residents come from the wealthier parts of the country. Tennessee has invited several top-earning companies to plant roots in Music City, and many of those companies have answered the call. Even Amazon has a significant presence in Nashville. These high-earning companies have brought high-earning corporate leaders with them. Naturally, many of these leaders look for luxury homes.
Again, the city's population becomes larger every day. According to one estimate, more than 100 people move to Nashville every day. Other estimates say that the number is closer to 80 these days.
Either way, why do so many new people want to call Nashville home? In many cases, they move here for the same reasons people have always wanted to move to Nashville. The city provides professional opportunities, a place for young families to grow, and of course, the potential for future country music stars.
However, many of Nashville's new residents come from the wealthier parts of the country. Tennessee has invited several top-earning companies to plant roots in Music City, and many of those companies have answered the call. Even Amazon has a significant presence in Nashville. These high-earning companies have brought high-earning corporate leaders with them. Naturally, many of these leaders look for luxury homes.
Apartments and private residences
Luxury real estate, however, doesn't just include houses. Apartments and private residences are at the forefront of luxury real estate in Nashville. Home-seekers can find many condominiums, lofts, and apartment complexes popping up around town. These spaces have been designed with high-end finishes such as marble countertops, stainless steel appliances, and hardwood floors.
One example comes from the Four Seasons Private Residences. These homes include penthouses and estates with all of the elegance a resident could want. They have amazing views of the city, including the famous "Batman building."
These luxury living options appeal to people for many reasons. For instance, they provide the luxury experience with all of the convenience of living in an apartment. Downtown Nashville has many such apartments. Residents have easy access to the city's nightlife. They enjoy walkable neighborhoods, and they don't have to sacrifice space or comfort to do so.
New neighborhoods and developments
As the demand for real estate grows, new neighborhoods and developments will emerge across Nashville in 2022. So far, supply has not risen to meet demand, but that doesn't mean it isn't trying. While much of the Nashville housing market includes previously-owned homes and apartments, brand new developments have taken the stage. Consider the Park West Development, which is almost finished.
These new neighborhoods will change the shape of the city. They won't just change Nashville proper, though. The surrounding areas have experienced similar growth. Places like Brentwood, Franklin, and Spring Hill have more luxury neighborhoods than they've had in the past. These new neighborhoods provide more options for homebuyers who want to build their lives in Middle Tennessee.
These new neighborhoods will change the shape of the city. They won't just change Nashville proper, though. The surrounding areas have experienced similar growth. Places like Brentwood, Franklin, and Spring Hill have more luxury neighborhoods than they've had in the past. These new neighborhoods provide more options for homebuyers who want to build their lives in Middle Tennessee.
Countryside home popularity
Speaking of the Greater Nashville area, the suburbs have gained popularity in recent years. They will likely maintain that popularity in 2022, especially when it comes to neighborhoods with luxury homes. While many home buyers see the appeal of apartment living, others want something larger. Families with children, for example, may look for homes with backyards.
Many of these options exist outside the city itself. For example, the Troubadour Golf and Field Club sits between College Grove and Arrington, just outside of Nashville. This community features an 18-hole golf course and a country club. It also has 375 spacious and luxurious homes. With so much space both inside and outside these homes, children can run, play, and have fun. Their parents, of course, also enjoy the space and amenities.
The countryside location is ideal for many Tennesseans. While Nashville itself has become busier and filled with energy, much of the rest of Tennessee has maintained its countryside feel. Many luxury home buyers still want to hold on to this way of life. They want the views of Tennessee's famous rolling hills, for example.
At the same time, as the world becomes more and more connected, people don't want to sacrifice urban excitement. Many luxury home buyers would like to enjoy the vibrance of the city before coming home to their quiet, private homes. Countryside communities like the Troubadour provide both options at the same time, as homeowners don't have to give up the size and space of a suburban luxury home. At the same time, by purchasing a home near Nashville and Franklin, they can escape into the city to see a show at TPAC or have a beer at one of downtown Nashville's many bars.
Looking for Nashville luxury real estate?
Whether you want a city apartment, a countryside home, or something in between, now is the time to move to the Nashville area. The best way to find your perfect Nashville home is to work with an experienced Nashville real estate agent. When looking for new homes for sale in Nashville, TN, you'll want someone on your side who knows the area and understands the luxury home market. Shane McCarty is a Nashville real estate professional who can help you find your new home. Contact Shane McCarty Real Estate to learn more about your options.
