With homes selling fast and prices skyrocketing, buying a new construction home is a good alternative to fighting with multiple offers on an existing home.
The median home sale price in Nashville is $395,000. That’s up 23.2% from last year and the highest we have seen it. My CityLiving Group real estate sales team is still seeing multiple offers on homes and sellers getting more than the price they have asked.
For buyers who aren’t in a hurry to move in, a house under construction in one of many new residential developments across the city might be a better investment.
Here are some reasons why new construction is a better buy:
- Multiple contracts are less common on an under-construction home.
- Newer building materials and new appliances means better insulation and lower maintenance and energy costs.
- The structure will be wired with up-to-date technology.
- Modern floor plans and community amenities.
- You may have an opportunity to customize and choose the finishes you want.
- Sometimes the developer or preferred lender offers incentives.
- New homes, particularly when you buy early in a new development, often appreciate faster than a home that has had several owners.
New developments are underway in Nashville’s popular and up-and-coming, urban neighborhoods. Get to know the neighborhood you are targeting and find out what the plans are for it. That’s how you’ll find the location that is best for you.
Of course, the CityLiving Group invites you to consider these new Nashville development projects:
- West Nashville — The Becanni offers single-family homes and townhomes, within a few steps of Charlotte Park, a few blocks from Rock Harbor Marina, and a quick drive or transit ride to downtown.
- The Nations — Edison Park townhomes and flats include two-car garages and are close to England Park Greenway in one of the city’s fastest-growing neighborhoods.
- East Nashville — High View’s flats and cottages are perched on a hillside in Highland Heights off Trinity Lane, within a 10-minute commute to downtown and close to popular restaurants, retail and businesses.
- Germantown — Elliott Germantown features condominiums and two- and three-bedroom row homes within walking distance of downtown, the Farmer’s Market, the Tennessee State Museum and First Horizon Baseball Park. It’s also close to the greenway.
- Madison – Next month, CityLiving Group will be pre-selling townhomes in a new development, called The Yarra, near the former Memorial Hospital. If that’s your location of choice, reach out and we will tell you more.
- Lebanon Pike — New on the market, The Ontario is a condominium and townhome project on Lebanon Road at Spence Lane just 2.5 miles from downtown Nashville. It’s super affordable. Our team sold 18 units in the first week.
What do I like about these neighborhoods? Many are evolving one-mile-radius communities. No need to get in the car. You can easily walk or bike to restaurants, retail, schools and parks or greenways.