May 7, 2024 - News

Nashville-area ZIP codes with biggest jumps in home values

Table showing the ZIP codes in the Nashville metro area with the greatest home appreciation in the past year. The ZIP code with the greatest change from March 2023 to March 2024 is 38476 in Maury County with a typical home value of $562803 and a year-over-year change of +9.7%.
Data: Zillow; Note: Typical home value refers to the average of the middle third of Zillow home value estimates for every home in a given region with a county record, including single-family, condominium and co-operative homes; Table: Axios Visuals

Many of the Nashville-area ZIP codes that are seeing the biggest jumps in typical home values are in the suburbs, according to Zillow data shared with Axios.

Why it matters: The prices show growing demand outside of Davidson County. The surge is part of a long-running trend in the Nashville area, real estate agents tell Axios.

Zoom in: The five ZIP codes that saw the highest year-over-year jump in home values in March came from across the 14-county metro area.

  • Parts of Rutherford and Williamson counties made the list, which isn't surprising — those markets have been growing for years.
  • But swaths of Trousdale, Dickson and Maury counties also saw significant increases.

State of play: Kevin Wilson, president of Greater Nashville Realtors, tells Axios the price growth in further suburban areas reflects new patterns in demand.

  • "As we see prices continue to rise we do see people being more flexible to drive until you qualify," Wilson says.
  • "They do go to some outlying counties where home prices are more affordable than they are in the city."

Zoom out: The suburbs are also powering the region's population growth, according to the latest census data.

The big picture: Typical home values rose annually in nearly all major U.S. metros, including ours, Zillow's chief economist Skylar Olsen found. He said fewer homes on the market kept prices growing in most areas.

  • Of the 50 largest metro areas, the three that saw values decline were Austin, San Antonio and New Orleans.

The bottom line: While there are still many Nashville-area buyers who are waiting for prices to fall, Wilson thinks prices across the area are only going up.

  • "Since maybe 2015, I've had people ask me, when is the bubble going to burst," he says. "I don't anticipate that there will be housing price declines in our area, anytime in the near future."
  • "This is the new Nashville."
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