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Nashville Alerts

A daily look at the most significant and interesting stories affecting Nashville. Written by Nate Rau and Adam Tamburin.

Axios Nashville Thought Bubble

Axios Nashville

Nashville is in the top five when it comes to building new homes, per the latest analysis by real estate company Redfin, Axios' Maxwell Millington reports.

What they found: Nashville had 26.6 single-family building permits per 10,000 people in the first quarter of this year, the fourth-most per capita among U.S. metros.

Why it matters: Home prices have been skyrocketing in Nashville. Monthly mortgage payments are close to a record high.

The area's low supply of available homes is another factor that has complicated the market and driven high prices.

Driving the news: The latest figures have shown some improvement in the housing supply. But experts say ongoing residential construction will be necessary to keep up with needs.

"There still aren't enough homes to meet the pace of household creation, and we need to be more prepared when demand inevitably picks back up," said Redfin chief economist Daryl Fairweather.

Zoom out: Single-family and multifamily building permits are up from pre-pandemic numbers in most U.S. metros, Redfin found.

Of note: Redfin defines "single-family" as buildings with one to four housing units and "multifamily" as buildings with five or more housing units.

What they're saying: Local real estate developer Josephine Saffert tells Axios the need for new builds in Nashville remains high.

"Density basically promotes affordability," Saffert says.

"If there's no inventory, buyers don't have many options and essentially the highest bidder wins," she says. "Once you have that imbalance, you really see the price spikes."

The bottom line: Ramping up new home construction will help balance the market, if only a little.

Nashville ranks fourth in the US in homebuilding as costs skyrocket

But experts say even more new homes are needed to drive prices down.

Construction

Nashville is in the top five when it comes to building new homes, per the latest analysis by real estate company Redfin, Axios&#x27; Maxwell Millington reports.What they found: Nashville had 26.6 single-family building permits per 10,000 people in the first quarter of this year, the fourth-most per capita among U.S. metros.

News

Hot chicken and Music City go together like three chords and the truth. Several restaurants around town pay homage to the original Nashville delicacy. Here are five places to start your own hot chicken journey. 

Why it stands out: Open for over a century, Prince's is widely recognized as Nashville's original hot chicken stop. 

South Nashville: 5814 Nolensville Pike Ste. 110, open Monday-Saturday 11am-10pm.

Assembly Food Hall: 5055 Broadway Place, open Monday-Wednesday 10am-10pm, Thursday 10am-11pm, Friday-Saturday 10am-1am, Sunday 10am-11pm. 

Why it stands out: Bolton's gives customers the courtesy of choosing from six different spice levels, from non-spicy to extra hot. 

Why it stands out: 400 degrees is the name for the hottest spice level offered. 

Hours: Tuesday-Friday 11am-3pm, Saturday 12-4pm. 

Photo: courtesy of 400 Degrees Hot Chicken

Why it stands out: The family behind Bishop's Meat & Three (which serves more than just hot chicken) also powers the juggernaut Hattie B’s, which is probably the most popular hot chicken destination for tourists and residents alike. 

Address: 3065 Mallory Ln Ste. 115; Franklin

Hours: Monday-Saturday 11am-8pm, Sunday 10:30am-2:30pm.

Why it stands out: There are multiple ways you can enjoy Party Fowl's hot chicken including in a quesadilla, street tacos, po boy, Cuban sandwich and tenders. 

5 great places to get hot chicken in Nashville

Several restaurants around town pay homage to the original Nashville delicacy.

Photo: Courtesy of 400 Degrees Hot Chicken

Food

Hot chicken and Music City go together like three chords and the truth. Several restaurants around town pay homage to the original Nashville delicacy. Here are five places to start your own hot chicken journey.

Food and Drink

Going out is fun, but who doesn't like a deal? Here are three spots to check out during happy hour in Music City.

Get $4 and $5 beers, $5 wine, $6 cocktails and food specials from 3-5pm on weekdays and 2-5pm on Sundays.

Photo: BRND House, courtesy of Butchertown Hall

Happy hour runs from 4-6pm Tuesday through Saturday with $5 cocktails, $2 off draft beer and two-for-one cans of beer.

Grab a beer and a slice of pizza for $5-$8 every weekday from 2-6pm.

Address: 4100 Charlotte Ave. (West Nashville) and 1012 Woodland St. (East Nashville)

3 places to go for happy hour deals in Nashville

Going out is fun, but who doesn't like a deal?

Going out is fun, but who doesn&#x27;t like a deal? Here are three spots to check out during happy hour in Music City.

Nashvillians have to earn 41.8% more than a year ago to afford the region's median-value home, per the latest analysis by real estate company Redfin.

The big picture: The income needed to afford a home has increased as soaring demand and limited inventory continue to drive sale prices up.

And increasing mortgage rates make borrowing more expensive, too. 

Why it matters: Wages and salaries are not increasing at that pace, further constricting entry into the housing market for many people.

By the numbers: In March 2021, you had to earn at least $56,155 to afford the median home for sale in the Nashville metro area, Redfin found.

For a median sales price home of $429,990, a monthly mortgage with 5% down jumped from $1,404 to $1,990.

Of note: A monthly mortgage payment is considered affordable if the homebuyer spends no more than 30% of their income on housing.

Meanwhile, wages grew 5% nationwide over the same period, according to the Bureau of Labor and Statistics.

The median pre-tax income in Nashville in 2021 was $50,000, per a recent Zillow study.

Zoom out: Across the U.S., buyers need 34% more income to afford a home, Redfin found.

Nashvillians need to make more money to buy a home

The necessary income has increased as soaring demand and limited inventory drive up prices.

Homes

Nashvillians have to earn 41.8% more than a year ago to afford the region&#x27;s median-value home, per the latest <a class="gtmContentClick" data-vars-link-text="analysis" data-vars-click-url="https://www.redfin.com/news/homebuying-affordability-march-2022/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosmarkets&amp;stream=business" data-vars-content-id="3cc5da56-5681-4198-aecd-c43fb23d0a99" data-vars-headline="Nashvillians need to make more money to buy a home" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/homebuying-affordability-march-2022/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosmarkets&amp;stream=business" target="_blank">analysis</a> by real estate company Redfin.The big picture: The income needed to afford a home has increased as soaring demand and limited inventory continue to drive sale prices up.<ul><li>And increasing mortgage rates make borrowing more expensive, too. </li></ul>Why it matters: Wages and salaries are not increasing at that pace, further constricting entry into the housing market for many people.<div><figure><div id="av-2022-05-median-home-prices-Nashville-5L6C0" style="max-width:100%"><img alt="Data: Redfin; Table: Thomas Oide/Axios" class="axios-visual-newsletter-fallback-image" src="https://graphics.axios.com/2022-05-median-home-prices-Nashville/fallbacks/2022-05-median-home-prices-Nashville-fallback.png" width="1200" height="1048"/><img alt="Data: Redfin; Table: Thomas Oide/Axios" class="axios-visual-apple-fallback-image" src="https://graphics.axios.com/2022-05-median-home-prices-Nashville/fallbacks/2022-05-median-home-prices-Nashville-apple.png" width="750" height="1786"/></div><figcaption>Data: <a class="gtmContentClick" data-vars-link-text="Redfin" data-vars-click-url="https://www.redfin.com/news/homebuying-affordability-march-2022/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosmarkets&amp;stream=business" data-vars-content-id="3cc5da56-5681-4198-aecd-c43fb23d0a99" data-vars-headline="Nashvillians need to make more money to buy a home" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/homebuying-affordability-march-2022/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosmarkets&amp;stream=business" target="_blank">Redfin</a>; Table: Thomas Oide/Axios</figcaption></figure></div>By the numbers: In March 2021, you had to earn at least $56,155 to afford the median home for sale in the Nashville metro area, Redfin found.<ul><li>Now, you need to bring in $79,618.</li><li>For a median sales price home of $429,990, a monthly mortgage with 5% down jumped from $1,404 to $1,990.</li></ul>Of note: A monthly mortgage payment is considered affordable if the homebuyer spends no more than 30% of their income on housing.Meanwhile, wages grew 5% nationwide over the same period, according to the <a class="gtmContentClick" data-vars-link-text="Bureau of Labor and Statistics" data-vars-click-url="https://www.bls.gov/news.release/pdf/eci.pdf" data-vars-content-id="3cc5da56-5681-4198-aecd-c43fb23d0a99" data-vars-headline="Nashvillians need to make more money to buy a home" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.bls.gov/news.release/pdf/eci.pdf" target="_blank">Bureau of Labor and Statistics</a>.<ul><li>The median pre-tax income in Nashville in 2021 was $50,000, per a recent <a class="gtmContentClick" data-vars-link-text="Zillow study" data-vars-click-url="https://www.zillow.com/research/home-value-appreciation-incomes-30862/" data-vars-content-id="3cc5da56-5681-4198-aecd-c43fb23d0a99" data-vars-headline="Nashvillians need to make more money to buy a home" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.zillow.com/research/home-value-appreciation-incomes-30862/" target="_blank">Zillow study</a>.</li></ul>Zoom out: Across the U.S., buyers need 34% more income to afford a home, Redfin found.

Escape the summer heat with these swimming spots, all listed on pool-sharing company Swimply. 

How it works: Pool owners can list their pools for chunks of time, just like homeowners list their properties on Airbnb. 

To find a pool, plug in your location and a list of nearby options pops up. 

Host your next party at this in-ground pool and private pool house apartment. 

Cost: $54-$60 per hour for up to five guests ($7 per hour, per guest after five guests)

Overlooking Old Hickory Lake, this pool and hot tub offers unique add-ons like use of an arcade, speakers, and a one-hour boat ride for up to eight guests on the lake. 

Cost: $67.50-$75 per hour for up to 10 guests ($5 per hour, per guest after 10 guests)

This private resort-style oasis includes free access to a grill, hot tub, WiFi, fire pit, towels, and speakers. 

Cost: $150 per hour for up to 10 guests ($0 per hour, per guest after 10 guests)

3 private pools to rent near Nashville starting at $54 an hour

Escape the summer heat in one of these pools, starting at $54 an hour.

Outdoor activities

Escape the summer heat with these swimming spots, all listed on pool-sharing company Swimply. How it works: Pool owners can list their pools for chunks of time, just like homeowners list their properties on Airbnb.

Maxwell Millington

Featured stories

5 great places to get hot chicken in Nashville

3 private pools to rent near Nashville starting at $54 an hour

Nashville ranks fourth in the US in homebuilding as costs skyrocket

Nashvillians need to make more money to buy a home

3 places to go for happy hour deals in Nashville