Real Estate

Nashville apartments are getting smaller

Data: RentCafe analysis of Yardi Matrix data; Note: Analysis includes U.S. metro areas (defined by Yardi Matrix market boundaries) with the most apartments located in multi-family buildings of 50 units or more; Map: Kavya Beheraj/Axios

It isn't your imagination. Nashville apartments are shrinking, and they're smaller than the national average, according to a new report from the rental listing service RentCafe.

Why it matters: Apartment sizes are getting smaller nationally, a reversal in the rental market that saw units get bigger during the early part of the work-from-home era.

Nashville home prices drop a bit — for now

Data: Redfin; Chart: Axios Visuals

Nashville-area home prices are continuing their modest decline, although it's still more expensive to buy now than it was a year ago, according to new data from Redfin/MLS.

Why it matters: Any relief from sky-high home prices is welcome, especially as mortgage rates creep up.

Nashville rents are still high, for now

Data: Moody's Analytics; Table: Kavya Beheraj/Axios

In the fourth quarter of 2022, the average asking rent in the Nashville-metro area was $1,550, up 9.9% from a year earlier, per economic research firm Moody's Analytics.

Why it matters: Affordability concerns are starting to weigh down the booming rental market.

Here's what experts say 2023 holds for Nashville real estate

Illustration of the year 2022, with a keyhole for a zero, which zooms in so you can see through the keyhole to the year 2023.

Illustration: Brendan Lynch/Axios

A real estate market crash isn't likely to happen in 2023. Here's what experts say to expect instead.

Nashville renters can't afford starter homes

Data: Point2Homes; Map: Tory Lysik/Axios Visuals

Nashville renters earned 52% of the income they would need to afford a starter home in October 2022, according to an analysis by real estate website Point2Homes.

  • Researchers considered "starter homes" to be properties valued in the lower one-third of all available homes for sale.

Nashville-area housing price changes by ZIP code

Note: "Typical" refers to the average home value in the middle 30% of estimated home values in a region; Data: Zillow; Map: Erin Davis/Axios Visuals

Home prices in and around Nashville are continuing to level off after surging earlier in the pandemic, according to data from Zillow tracking price changes from July to October.

Why it matters: This is the latest evidence that the market is cooling after a white-hot period that strained buyers and pushed more residents out of the urban core.

Buying a house in Nashville is easier, but not cheaper

Data: Freddie Mac; Chart: Madison Dong/Axios Visuals

The Nashville metro area's real estate market is starting to level off, according to the latest data from Redfin/MLS.

Why it matters: After two-plus years of plummeting inventory and sky-high home prices, Nashville-area buyers have waited a long time for a little relief.

Nashville's housing costs soar, pinching buyers

Data: Zillow; Table: Kavya Beheraj/Axios

The minimum income buyers need to afford a typical Nashville home has more than doubled since 2020, per data from Zillow.

Why it matters: While sales have slowed down in recent months, prices have continued to climb — along with mortgage rates — putting homeownership out of reach for many residents.


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