During an interview with The Tennessean, Davidson County Property Assessor George Rooker Jr. provided information about the meteoric rise in property values in Nashville, TN.
Rooker states that communities located in the East Nashville area are at the forefront of these increased values with an average increase of 33 to 37 percent by 2017. This reflects the largest increase in property values recorded since Nashville began the four-year reappraisal program. For example, the last four-year appraisal from 2009 to 2013 was only a 5.3 percent increase. This beats the record of 33 percent from 1993 to 1997 during the housing boom that hit the nation.
Although property increases affect many neighborhoods around Nashville, the most popular areas are in the East Nashville neighborhoods west of Gallatin Pike, others are following suit. Included in the rapid increase are, The Nations in West Nashville and locations near the Metro-owned Fairgrounds. Nashville’s median price for a single-family home has risen from 183,000 to 217,900 in 2015 far surpassing similar cities in many other states.
These rapidly increasing values in the housing market have been noted by Scott Lumley, a partner at Resolve Financials, LLC in the Greater Nashville Area. The former President of the Nashville Broncs Inc. and founder of Large-Lots, believes that investing in Nashville real estate is the road any successful company should follow.
Resolve Financials, LLC, a leading real estate development company, is working to renovate Nashville and the surrounding area. This company, specializing in commercial development plays a significant role in increased property values by purchasing and remodeling older buildings. Bringing these buildings back from their dilapidated state and creating a modern up to date real estate brings pride to Scott and his associates.
Nashville will continue to be at the top with individuals such as Scott Lumley and other civic-minded entrepreneurs vested in the area. While businesses such as Resolve Financials continue to work alongside Nashville’s, Metro Planning Department, property values will continue to increase in this area.