According to a recent Zillow report, Nashville is predicted to be the 3rd hottest real estate market in 2021. Nashville has seen more and more buyers moving to town, especially from the West Coast. One factor drawing in these out-of-state buyers the fact Tennessee is one of just 7 states that doesn’t impose a state income tax on its residents. Since so many are now working remotely, moving to a new state is more attainable than ever. High demand and low inventory are creating a rise in home prices in Middle TN.
Nashville has seen the 13th largest increase in home prices since 2010. As the lack of inventory is expected to continue into 2021, it is a great time to sell, and a difficult time to buy in the Nashville real estate market. In 2021, millennials will likely continue to shape the housing market, as they are the largest generation in history. Being those between ages of 25-40, they will likely make up a majority of the first time homebuyers as well as those looking to upgrade as well. Continued predicted growth within the job sector in Nashville is also expected to bring my buyers to the area in 2021.