Nashville home prices increase in April
More people have been drawn to homes for sale in Nashville, which has led to an increase in property prices in the area. Real estate research firm CoreLogic revealed the city's home prices showed a year-over-year increase of 2.7 percent in April 2012, the Nashville Business Journal reports. This reflects the economic improvement that has been occurring across the country.
"We see the consistent month-over-month increases within our (home price index) as one sign that the housing market is stabilizing," CoreLogic president and CEO Anand Nallathambi told the news outlet. "Home prices are responding to a restricted supply that will likely exist for some time to come."
Nashville Mayor Karl Dean examined the city's real estate market when he delivered the 49th Annual State of Metro Address on May 1, 2012.
"What we've been...Where we are...Where we're going"
Dean emphasized reflected on the Nashville's past, present and future in his speech to local residents. While the city - like many others - had been negatively impacted by the Great Recession, Dean noted that his administration saw an opportunity, and took advantage of historically low interest rates to improve the local economy.
"Doing this allowed us to get through these tough times while preserving the most vital public services," Dean said.
Nashville department budgets were cut, but local officials continued to invest in education, job creation and public safety to help improve the city. The results have been significant, as Nashville has an unemployment rate of 6.6 percent - its lowest since 2008. Meanwhile, more people are pursuing opportunities in the city, which has helped stimulate the economy.
According to the Nashville Business Journal, Tennessee ranked sixth among states in terms of economic growth in 2010. Additionally, the state’s gross domestic product - a measurement of the total output of goods and services - increased 3.52 percent during the same period.
Nashville - the state’s second-largest city - has played a major role in the area's economy. The U.S. Bureau of Labor Statistics reports that the Nashville-Davidson-Murfreesboro-Franklin metropolitan statistical area saw a 1.6 percent year-over-year increase in nonfarm employment in April 2012. Nearly 4,000 workers were added to this workforce between March 2012 and April 2012 as well.
Positive economic signs are on display throughout the region, and buying a home in the city allows you to become a resident in this growing metro.