Nashville ranked third in US for home price appreciation in 2017
Institutional investors are buying thousands of homes in Middle Tennessee and renting them, shaping the market for buyers, renters and sellers.
Last year was good for Nashville homeowners.
The metro area had the third-highest home price appreciation among the nation's largest markets, at 12.5 percent, and sellers saw the largest profits here since at least 2000.
Year-end data released by the real estate company ATTOM Data Solutions showed Nashville continued to bask in the glow of a humming economy and hot housing market.
“One of the reasons for this skyrocketing home price appreciation in Nashville is 'migration' from other high-cost markets," said Daren Blomquist, senior vice president at ATTOM. "People are moving because the jobs are moving, and they're better-paying jobs. They still see it as a bargain. Their context for what makes a good deal on a home is different, and they’re often willing to pay more than a local buyer.”
Homes sold for a median price of $224,900 in 2017, compared to $200,000 in 2016.
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