What does Amazon mean for Nashville’s housing market?
Although Amazon decided not to bring their HQ2 to Nashville, they did decide to bring a new operations hub to Music City. With it, they’re expected to employ 5,000 people right here in our city. So what does the influx of people mean for Nashville’s housing market?
Experts spoke with The Tennesseanabout what 5,000 jobs with a median salary of $150K actually means for our housing market. Unfortunately, this means prices could go up. Some areas and some types of homes may more be in demand than others, though. The experts do say that this will let up over time, it won’t last forever.
Amazon hasn’t said exactly which positions will be coming to Nashville. That means there’s no way to tell just what homes and areas will be most popular with employees. If they bring along younger employs, we could see condo prices rise because of a high demand. Employees with families may want more room and could branch out to areas like Franklin, Brentwood or even Nolensville. The positive to this shift is that it could actually boost our real estate market. Experts are expecting people to buy relatively quickly but those that aren’t ready will boost the rental market.
Amazon’s operations hub won’t even start hiring until 2019 which means there’s plenty of time for new construction to help even things out. Are you worried about how this could affect your ability to buy? Call your Synergy Realty Network agent today and let’s set a plan to help you buy before Amazon makes its way to Music City.
Read the full article about the housing market and Nashville here.