Nashville Metro

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Nashville, TN

Nashville is enjoying tremendous popularity right now.  For years it sat sidelined economically while other Southern cities boomed.  Now the New York Times states; “Nashville’s latest big hit could be the city itself.”  With a metro population of over 1.6 million this sizable city known for its music history is investing in growth.  A recently completed $623 million downtown convention center that spans the length of 6 football fields is a key part of the development.  The recent success of the TV show Nashville is doing for the city what “Dallas” did for TX in the 1980s.

Economy

Forbes listed Nashville the #5 best place for business and careers.  The unemployment rate is below the national average and recent job growth grew at 1.76%.  The cost of living is 2.5% lower than the U.S. average.   Two fortune 500 companies call Nashville home:  HCA Holdings (94) and Vanguard Health Systems (484).  Vanderbilt University employs over 23,000 people and major companies such as Nissan, Randstad, Verizon and UPS have a major presence in the city.  Since 2001 155 internationally owned companies have relocated or expanded in the region.  Nashville is a music mecca with nearly 40% of the entire music industry resides.  Nashville is economically diverse and five main target industries drive the economy.

  1. Health Care
  2. Corporate Operations
  3. Advanced Manufacturing
  4. Supply Chain Management
  5. Music & Entertainment.

Housing

2013 Median House Prices were at $180,000 with foreclosure sells coming in 55% below that price.  Foreclosure sells are down 12% from 2012.  The steady population growth creates a solid rent market with 41% renting.  The average home age is approximately 33 years.  There are multiple strategies we will recommend for this city.

History/Culture

The first permanent settlement came in 1779 and the town named Nashville was officially created in 1784.  Tennessee was the last state to join the Confederacy in 1861.  Nashville was one of the Unions’ key targets as both a shipping port and the symbolic importance of being the state’s capital.

After the Civil War Nashville became an important trade center and the population grew from nearly 17,000 to over 80,000 during a 40 year span.

“Music City” began in earnest in the 1950s.  The Grand Ole Opry and the Country Music Hall of Fame are both located in Nashville.  There was a period of time when country music origins did not help the city, but the surge in popularity of country music as well as many other genres has made it an entertainment destination.  Many top stars and some of the best musicians in the world make their home here.   The city boasts over 180 recording studios and 5000 working musicians.   The famous Bluebird Café allows new artists the chance to get their original music exposure, and for music fans to hear what may be the next hit song.  The NFL team the Tennessee Titans make their home in Nashville and other sports, retail, restaurants and parks make this city an exciting place to visit.