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Economy & Business Growth
Brandon Cobb of The House Buyin ' Guys says that while many local investors began prepping for the worst when COVID19 hit , that never materialized .
Smart investors started focusing on more affordable properties and building in more cushion on their offers , expecting property prices to dive .
Instead , Cobb says the market not only kept running , but demand is up . Especially demand from retail home buyers . They are finding their listings going under contract in just 17 days .
He says that despite foreclosure and eviction moratoriums and COVID19 measures , people just keep moving and buying here . Many are coming from expensive coastal cities . Others are drawn by the small city feel and no state income tax . The city has new Amazon facilities and an MLS stadium . He
describes it as a “ young Atlanta .” A market not as affected in 2008 as other major cities , and one that doesn ’ t seem to be feeling the pinch this time around either .
Cobb who is a member of the Forbes Real Estate Council , and specializes in wholesaling houses to fix and flip investors says this market is a great fit for those with idle funds , wanting passive income , better returns and stability for their IRAs and access to investment grade property . His company focuses on wholesale properties in the $ 100l $ 190K price range , which can resell for $ 250K $ 300K after repairs .
For those local businesses which are struggling , the government has pledged tens of millions of dollars in support . Many won ’ t need it . They are still growing fast .
According to data from The University of Tennessee , Boyd Center for Business & Economic Research , TN employment actually kept growing year over year through the first half of 2020 .
According to the Nashville Business Journal in August 2020 , the city ’ s fastest-growing businesses have been growing by as much as 100 % to over 300 % per year .
Middle TN Real Estate Statistics
According to Redfin , average Nashville , TN home prices stand at $ 328k , or $ 191 per square foot . They are selling for around listing prices , with an average marketing time of 43 days , and average down payment of 12.2 %.
Home prices and closings appear to be up by around 12 % year over year . According to Greater Nashville Realtors , single family homes recently hit a new record high of $ 344,420 .
Word of Facebook ’ s recent investment in a $ 800M data center in Middle TN is likely to only fuel this growth further .
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