Nashville, TN named a ‘supernova city’

NASHVILLE, Tenn. (WKRN) — For the third year in a row, a nationwide real estate report has Nashville ranked at the very top for 2024.

The 2024 Report on Emerging Trends in Real Estate is out, and Nashville received some star-studded reviews – quite literally. The Music City was named a “supernova city” heading into the new year. There are only five supernova metros – Austin, Boise, Jacksonville, Raleigh/Durham, and Nashville.

These areas have a few things in common: Huge job and population growth in the past decade, lots of white-collar jobs, and a flurry of outside investors. But, Nashville has earned this top spot for a third year in a row.

Denise Moore is Vice President of Greater Nashville REALTORS. With all this growth, she doesn’t see prices coming down in 2024. 

“I’m just excited for 2024,” said Moore. “I do feel like there were lots of sellers, also buyers, who just kind of sat on the sideline and did not take action, just kind of numb and shocked from what was going on. And, I think we’ll see some relief from that, and jump into the market, and increased activity is better for everybody.”

To help first-time buyers in the new year, Moore is keeping a close eye on more affordable markets like Madison and Antioch, where it’s still possible to find a 3-bedroom, 2-bathroom single-family home with a yard for under half a million dollars.

But she admits that it’s tough for many. “From what I see, it is difficult for a single person who does not make six figures, to be able to purchase in Nashville,” said Moore.

The real estate report emphasizes that affordability will hurt the so-called “supernova cities” in 2024. As these five metros grow, so do their big city problems, like poor infrastructure and traffic. 

“I think everyone would agree that the more that we can have of additional transit options in the city, the better,” said Nathan Weinberg, manager broker, MW Real Estate.

Weinberg said mass transit must be a focus for the new Metro Council. “I’m talking about the whole package. We need to re-envision what our freeway interchanges look like, we need to look at sidewalks, we need to look at bike transit.”

And with Nashville forecast to grow 7.6% over the next five years, which is four times the country’s population growth, Weinberg said the neighborhoods closest to downtown will see demand shoot up – and prices too.

“In Davidson County, what we are starting to see is places, like Donelson, really become a more feasible option for people, as they realize that it is so close to downtown. And they’re starting to see the commercial investment over there that makes living over there really good,” said Weinberg.

Price Waterhouse Cooper and The Urban Land Institute put together this real estate report on the so-called “supernova cities.”