NASHVILLE, TN (WSMV) - You’ve probably heard of affordable housing, but what about attainable housing? A comfortable price-point for the working-class family or first-time home buyers. In Nashville’s hot housing market, that’s getting harder to find.
“It’s really getting harder and harder to achieve owning a home in Nashville,” said Erin Krueger, team lead of The Erin Krueger Team at Compass Realty. “We used to see the average price point in Nashville be in the mid-$300s and now it’s way over $400,000.”
According to Krueger, the average price of a single-family home in Nashville is now in the low $400,000s, up more than 15% since this time last year.
With the prices soaring, some developers are looking to keep “attainable housing” front of mind for locals.
One of these is Cottages of Townview, a new development off Murfreesboro Pike with a mix of 3- and 4-bedroom, all brick homes with a garage, some with a basement, and all with top-of-the-line finishes.
“What’s great about this is that we’re just in south Nashville and our price point is under $400,000,” said Krueger. “We’ve got multiple floorplans with great finishes like quartz and granite. It’s a really great opportunity for first-time home buyers to get in and get a great place in this market.”
Krueger explained that during the pandemic, it has been hard to find a house within budget in a part of town that people want to be in. A lot of that has to do with low inventory, but also rising labor costs.
“It’s really been hard over the last two years. Supply chain issues, there’s been a lot of cost issues in building. If you don’t buy the land right, you can’t really freeze your pricing. It’s just very volatile,” said Krueger. “For this community, we want to be able to offer a fixed price. We don’t want to have to worry about if the wood increases, increasing the price. The price you’re signing with the contract on day one is the price you’re going to pay.”