Nashville Ranks Second Hottest Housing Market

A new report from Bankrate reveals that Nashville has secured the second spot as one of the hottest large metro housing markets in the nation. This achievement is largely attributed to the region's remarkable job growth and the appreciating prices of homes. Topping the list is Charlotte, North Carolina, with Nashville closely following in second place. The remaining spots in the top five are held by Tampa, Florida; Dallas, Texas; and Orlando, Florida. The Southeast region has emerged as a prominent force in the U.S. housing market, experiencing a significant shift in momentum.

To determine the rankings, Bankrate analyzed 212 metro areas, considering various factors such as home value appreciation, employment levels, job growth, population trends, available homes for sale, and the average time it takes for listings to sell. Based on the highest one-year home appreciation (40%), one-year job growth (15%), population growth (15%), lowest number of active residential listings per thousand people (12.5%), median days on the market for listings (12.5%), and unemployment rate (5%), the New York City-based consumer financial services company compiled rankings for the top 212 and top 50 metropolitan statistical areas based on population.

In the assessment, Nashville ranked second among the 50 largest metro areas and seventh out of all 212 metros. Notably, Knoxville secured the second spot among all metropolitan areas.

For major markets, Nashville ranked seventh in terms of job growth and fifth in home price appreciation. The report mentions that the only indication of a buyer's market in Nashville is the number of active listings, with the city ranking 47th among the top 50 markets.

In the overall rankings, Music City positioned itself as the 18th city in terms of job growth and the 60th in population growth. Additionally, it ranked 30th in home price appreciation, 36th in unemployment, 186th in active listings, and 13th in the average number of days homes spend on the market.

Bankrate's survey also identified the coldest housing markets in the United States, which were primarily found in West Coast regions that experienced significant price increases, as well as Rust Belt areas struggling with job growth.