Nashville leaps ahead of Seattle, Los Angeles — now a top-five real estate market
Nashville's real-estate market bounded ahead of Seattle, Los Angeles, and other major markets as the nation's fifth-surest investment bet for 2019, according to one of the industry's most comprehensive and influential reports.
The study, released Wednesday, promoted Music City from 9th to 5th place among U.S. cities for its hot overall real-estate prospects.
Six other southern cities – most in the southeastern U.S. – also topped the list developed by researchers from PricewaterhouseCoopers and Urban Land Institute in the "Emerging Trends in Real Estate" study.
"It's really a story about affordability, employment growth, population growth and employment stability," said Mitch Roschelle, a PwC partner. "One thing that's really important now is no state income taxes. That's becoming a bigger and bigger factor when people start making choices about where they want to live."
Knoxville and Memphis were also singled out in the 100-page study as attractive markets for investors due to their high quality-of-life advantages and low housing costs.
But Nashville has placed in the nation's top-10 real-estate markets for four consecutive years, suggesting a lucrative market for years to come.
"Nashville isn't a one-hit wonder. It's been in the top ten for some time now," Roschelle said. "So goes Austin and Dallas. It's this resilience of investors' views of those cities that contributes to their success."
The top 10 U.S. real estate markets in 2019:
- Dallas/Fort Worth
- Brooklyn, New York
- Tampa/St. Petersburg