“Nesting

East Nashville’s Popularity with First Time Home Buyers Soars.

by | Mar 23, 2010 | Nashville Neighborhoods

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I’ve been doing a lot of work in East Nashville lately – seems everybody has!  I recently had a buyer win a multiple offer bid for a small home in trendy 37206. The home hit the market on Friday evening, there were eight scheduled appointments on the first day and we were the fourth offer submitted by Saturday night. We had to jump well above the asking price to ensure a winning bid – and good thing we did; the margin was so narrow that my buyer’s pre-approval letter was what put us on top.

Whenever I tell my mom, an ex-Metro police officer, that I’ve recently sold a home in East Nashville, she always looks at me a little funny. Sure, everyone knows about the super-pricey beautiful Victorian homes in Lockeland Springs. But Inglewood? Rosebank? Douglas? Yes,  those areas are hotter than ever… Really.

Check out these sales price stats for East Nashville home prices over that past decade. Note how 37206 and 37216 have greatly outpaced appreciation over the Nashville market average (err…disregard that whole “2009” part of the chart)

Median Sale Price / sq. ft.

Orange= Nashville overall
Green = Lower East Nashville (Lockeland Springs, East End, Shelby Village, etc.) 37206
Yellow = Inglewood, 37216
Gray = Madison, 37115
Blue = North/East (including McFerrin Park, Cleveland Park, Dickerson, Brick Church and Parkwood) 37207

What spurred the popularity? It all started in April 1998 when a couple of tornadoes ripped right through the area. Much needed insurance money flowed into the aged, blighted neighborhoods. Suddenly these brick and wood craftsman cottages, bungalows, and tudors were showing glimpses of their former glory.  The national trend toward urban living also helped make East Nashville a prime destination due to it’s close proximity to downtown. But the massive influx of local, independently owned retailers and restaurants is what finally tipped the scales in my opinion. Yes, Gallatin Pike, a major Nashville spoke road, has long offered fast food, car lots and check-into-cash conveniences, but the revitalization of the shops at Five Points, Eastland/Walden and Riverside Village is where the real action is. Here a buyer can get sushi, retro duds, coffee, even hula hoop lessons as well as an affordable home in a WALKABLE subdivision.

So when your dad looks at the old rotted window sill, the school reviews, and the crime stats and questions your judgment, point him in the direction of this post (or at least the home value chart above) for a little validation.