Nashville ranks sixth on the new list of hottest housing markets of 2022, released by Zillow. Brentwood Lifestyle asked these local realtors about the magical attraction to the Music City, and where the market is heading in 2022.
“Nashville is such a dynamic, mid-size city. So many are drawn to Williamson County due to the highly rated schools, wide-open space and sense of community -- all within a short distance to the hustle and bustle of Downtown Music City,” says Erin Krueger, leader of The Erin Krueger Team at Compass. “Those we help relocate say Williamson County is the breath of fresh air they want for their family. No state income tax and relatively low property tax is also a plus, however they comment that friendly people are what they love most.”
Erin says she and her team specializes in finding needles in haystacks. “With the lack of inventory, we rely on our current database, our vast network of realtor and builder contacts, driving communities and even door-knocking. Last year, we secured many properties off-market for our buyers, avoiding multiple offers,” she says.
She predicts the Nashville area will continue to see price increases because of lacking inventory. “We saw more than a 20% increase in appreciation, so we may not see the same growth rate, but we will certainly see steady appreciation with more people relocating to Middle Tennessee, she asserts.
Multiple offices are important factors now with remote working, however, outdoor living spaces are key, Erin says regarding what homebuyers seek. “Covered porches, outdoor kitchens, fire pits/fireplaces, pools and spas are highly sought after and are just as important as livable space. Now with a year waiting list for many pool companies, homes that feature such amenities go for a premium.”
Given all the market indicators, Erin says she still foresees another strong year in real estate. “However, rising interest rates and inflation are still on the radar, so we’ll see how that affects buying power in Williamson and Davidson Counties,” she adds.
Erin says with several Brentwood and Franklin communities set to launch this year, her team looks forward to the infusion of additional quality builds from renowned architects from across the country.
“Experience and results matter in this market,” reminds Erin. “We’ve sold thousands of homes over the years and over a billion dollars in real estate. Most importantly we’ve helped hundreds of families find homes. Our team hustles hard for our clients, we rely on our vast resources, continued education, technology of our brokerage and each other to provide the best home buying process for our clients. We’re dedicated to working hard and staying market savvy, which allows us to execute the white-glove service that our clients deserve.”
Lisa Culp Taylor
The Nashville area continues to earn a top spot of places to relocate for a variety of reasons, asserts Realtor Lisa Culp Taylor. “Personally, I think it’s the best place in the world to live! The Middle Tennessee area offers incredible qualify of life, and don’t forget no income tax -- for many, this is an immediate salary increase.”
In addition to a specialized marketing formula, Lisa says her team maintains and grows a huge real estate network, including a large number of home builders. “This really gives our clients an advantage when they’re seeking new construction. Many times, we’re able to secure a home before it even hits the market, which has been essential with low inventory.”
Lisa says it currently “feels” like 2022 will be similar to 2021. However, lack of inventory is greatly affecting the overall market, she’s quick to add. “Generally, homes are selling for higher prices than last year, which if this trend continues, may ultimately slow our market.”
She says homebuyers are desiring more outdoor living space and requests for homes with a pool or space to add one.
In addition, with so much work from home (WFH), homebuyers are looking for one to two areas for home offices with privacy and secure doors away from the main living areas to cut down on noise. “Homebuyers also want move-in ready with updated kitchens and bathrooms and prefer neutral interiors,” she adds.
The ‘spring market’ has become a thing of the past, Lisa states. “Our listings, under contracts and closings traffic are as active as ever. As supply chain issues and inflation impacts home remodeling and building, there will definitely be an adjustment made as interest rates are predicted to rise.”
She says industry sources continue to share that as many as 80 to 90 people are moving to the area daily.
Lisa says the LCT team just launched the Parks’ On-Site Sales Division, which means they now have team members serving as on-site sales representatives for Patterson Company homes.
In Old Hickory Crossing in Cane Ridge, Realtor Christy McAfee joined the LCT team to coordinate on-site sales. In Murfreesboro’s Kimbro Woods community, Parks’ Realtors Katherine Nixon and Molly Burns will coordinate marketing and sales of Patterson Company homes there.
“Our team is unique, with a diverse group of talent and experience that benefits our clients on many levels. At the heart of it all is our client commitment, professionalism and driving desire to offer the best service possible. It can really make a difference in a stress-free home buying or selling experience,” concludes Lisa.
“We live here, so we know why Nashville is one of the top relocation cities in the country!” exclaims Paula Hinegardner, Realtor with Keller Williams Realty “But, it’s really been interesting learning why clients from California, Illinois and New York chose our city.”
She says in addition to the tax-friendly business environment, low property tax and no state income tax, those relocating also choose Nashville because they desire to live in a warm, welcoming community with friendly residents and great schools.
Paula says it’s getting more challenging to find homes that “check the boxes” for buyers, due to low inventory. However, she says through networking and great relationships with former clients, she’s always looking for off-market finds. “My non-realtor friends are some of my best resources.”
She believes price appreciation will continue through this year.
With Nashville’s incredible growth, she adds that homes just can’t be built quickly enough. She predicts a market of multiple offers, and offers significantly over asking price, for the remainder of 2022.
“Pools and everything outdoor living top almost all of my buyers’ wish lists,” says Paula.
Relocation buyers from certain geographies are used to amazing outdoor entertaining spaces and want to replicate them in Nashville homes, she says. “Buyers from places, like Illinois and New York, are giddy with the thought of our mild temperatures and spending much of the year enjoying indoor/outdoor living!”
In 2022, Paula says she expects a market like never before experienced. “I think we’ll see cash purchases with contingency waivers and even creative offers that include things like complimentary use of beach houses or gifts of a hard-to-find luxury items, as agents and buyers look for ways to beat competition for great properties.”
Paula shares she’ll be adding an Extraordinary Advantage program by partnering with the team at Stock and Trade, a local design and furnishings company.
“Our No. 1 goal has always been to make life easier for our clients, so our business model has always included complimentary, no-cost services like luxury staging, print and social media marketing, pre-list and move-in cleaning, landscaping, painting and handyman repairs,” she says. “By partnering with Stock and Trade, we’ll now be able to offer our buyers and sellers access to complimentary design services and immediate delivery of in-stock furniture for a single room or even a whole house.”
Admittedly being a bit nontraditional, the Paula Hinegardner team consists of one agent – Paula -- and her “never tired assistant,” Jennifer, plus a crazy talented group of experts in marketing and social media, photography, staging, design, landscaping, contracting and other real estate-related elements.
“Our days are exciting, energizing, sometimes long, and even occasionally, a study in organized chaos, but our priority is our clients and we absolutely love what we do,” Paula assures.
"We're all navigating new waters regarding local real estate, and while it's not easy with more demand than supply, I'm definitely doing more backend work and applying my network," says Realtor Gabrielle Dodson, who receives clients mostly from referrals.
Gabrielle says part of the attraction of Nashville from those who relocate from New York, New Jersey, California, and even Chicago, rests in the region's ecomomic advantages, shorter commute times, availability of four seasons and its central location to airports.
"Nashville is a hot spot that's growing, and is still affordable. But one thing that has changed is that in the past when 100 people per day were moving to Nashville, it often consisted of individuals desiring to rent apartments. Now, the needs are for more houses for families and multiple bedrooms," she says.
Going to the extra effort to quickly "stand in" for out-of-town homebuyers when select residences come on the market, Gabrielle says she often spends time serving as a knowledgeable area tour guide to homebuyers during the preparation stage regarding important considerations, such as location, amenities and school districts. "We used to be able to jam 20 houses into one weekend of house hunting. Now, sometimes, we're lucky to be able to see five. So I work with buyers ahead of time to identify their desirable neighborhoods and will use online tools to show them when homes in those areas become available."
She says renovation needs typically aren't overwhelming for people who are used to living in older homes, with the comparison of many Brentwood homes being approximately 20 years old, compared to 80-year-old houses in other states. She says one trend in relocations is those seeking residences in Tennesse, Florida or Texas.
"It has become more important to have clean offers, deal with mostly cash transactions, no surprises and to honestly and openly deal with today's realities. Buyers may lose nine or 10 dream homes before getting one. I encourage everyone to listen to that feeling you get when you walk into houses, and to trust your instincts, regarding what's ultimately going to be best for you," she adds.
She says homebuyers often are seeking houses with their own pools, bigger yards and multiple offices.
Gabrielle says one of her favorite results is developing symbiotic relationships with her clients, and then sharing referrals that help continue to build their livelihoods.
"Nashville is still a great investment. We offer so many positives that people are coming to rather than going from," she asserts.