Am I the only one that thinks Nashville Prices are overinflated (Memphis: crime, new home)

[dreading the move]

I will be moving to Nashville soon, and am finding it very hard to comprehend the pricing in Nashville. Every home I have looked at is at least $50,000 overpriced, some of them $100,000. The reason I say this, is that the comps don't even support these prices.

All the new homes are on such small lots that it is laughable and it appears that there would be no resale value once the house wasn't "new".

It also seems that everyone has to commute at least 30 minutes if you want to live in anything bigger than 1500 square feet. I assumed coming to Nashville and spending $400,000 - $500,000 would get me a decent quality of life, but so far I have not seen it. This price range seems to only buy something way out in the boondocks.

Am I the only potential new resident feeling this way?

[denawilliams]

Hmmm... As far as comps go, I do wonder where you are getting the data for the comps. Some will be overpriced when compared to comps, but there are quite a few out there that are priced under the comps in any given area. Some home sellers have gotten a little more aggressive lately, and those are the ones usually selling their homes. However, I do wonder where you are searching because there are tons of homes greater than 1500 sf, definitely less than 30 minutes out between 400k and 500k. I did a quick search just now and found over 700 homes over 1500 sf within a 30 minute commute to downtown Nashville between 400,000 and 500,000 price ranges only.

[UNT_Eagle]

I would agree with you on the home prices. Compared to Dallas, where I'm originally from, you don't get the same house for the money here that you would in Dallas. Yes, there are nice homes here, but even the average ones around 150-200K tend to be overinflated.

[dreading the move]

I agree their alot of houses. Alot of bad houses. I am not interested in badly done remodels, 1950's ranchers with low ceilings and maybe a new kitchen (although I do like the larger lots these homes are on, its just the homes are teardowns in my opinion, and I do not have time for that) , or new construction on slivers of property. Other bad features that I see over and over are front loading garages, always tacky, great rooms with such a small dining room you couldn't even get a table to seat 8 in there, and master bedrooms upstairs, why on earth are you still building that.

I have decided I am not like the norm because I want formal living and dining, side load or rear load garage, master on the first floor and a lot that does not have me looking in my neighbors windows from my deck. And if I had my wish list I would like to never see another red dining room again.

I have come to the conclusion that I expected to much. I am making another trip down, so maybe it will have better results.

[scottv]

For that price range you should have a lot of decent options in most areas of Nashville-really depends on what you're looking for...I'm about to close on a house and it took a LOT of research to find something I could live with because some areas here you cannot get much bang for your buck (at my price range which is less than $225k)-finally found something that was reasonably close to Nashville yet not surrounded by crime (like an East Nashville for instance)...denawilliams above is my agent and has helped me tremendously-send her a message for her website link...it was the best tool I could find for the Nashville area when I was searching...GOOD LUCK!

[dreading the move]

Thanks UNT_Eagle. I was beginning to feel like the lone ranger. I am coming from a large city in the midwest and I am used to high prices, but Nashville has me floored with prices.

[Mike in TN]

Most of middle TN is overinflatd IMO. That's just an opinion though. However, if I had your budget I don't think I would have problems finding something I want.

[scottv]

I think another piece of the puzzle is how TN is becoming really attractive to people coming from other more expensive markets...also, there is a good deal of focus on Nashville since Nissan relocated their NA headquarters here...TN has no state income tax which has brought retirees with pensions here, the economy here is pretty good for the most part, people do want to live here and there is a good deal of money here, standard of living is still pretty cheap when you look at salaries and ability to purchase vs. other areas...I moved here from Memphis and was floored because houses are dirt cheap there, but you know what: it pretty much sucks living in Memphis and there is just not the attention from outsiders and people moving there in droves-Nashville has this-every day I see on this board people coming here from EVERYWHERE around the US and the world-when that happens home prices will be higher...I was pretty unhappy about the prices, but I did end up finding something for in my price range and around $100/sqft. in a good area (although it is about a 20 minute drive to the Nashville hangout areas I frequent)-but I didn't want to live in a cracker jack box next to a crackhouse for $80/sqft in a bad part of the city. good luck with the search, now is a good time to look because not many people are. I bought off Hwy 100 in Bellevue FYI, there are a lot of nice homes in that area and it's pretty safe and there is a Publix and other stores around.

[dreading the move]

Thanks Scottv. I think that area is on the list to view. I guess I have to lower my expectations. The only issue I would disagree with you on is good salaries. I do not think the salaries in Nashville compare at all to other parts of the country. I know my wife will be taking a rather substantial paycut to follow on this move and we were hoping to make that up in cost of living, and it does not appear that will be happening. She is not a happy camper.

[UNT_Eagle]

Yes, I've experienced the same issue with lower pay here in Nashville compared to other parts of the country. Some deal with it, others don't. It just depends on quality of life; if you're happy here, great..