With so much growth in Middle Tennessee over the past few years, you can always be sure that there is plenty of real estate news to catch up on! Below we highlight a few pieces of real estate news in the greater Nashville and Murfreesboro areas:
1) Slow start to home sales in 2018. For the Greater Nashville area, there were just 2,298 closings reported in January, down almost 5% from January 2017, according to the Greater Nashville Realtors. Cold temperatures and an abnormally long snow period most likely hampered closings. In positive news, the median price of a single-family home was up $20,000 to $281,500 over last year’s median price. Pending sales were also up, indicating that some home sales could have just been delayed by the winter weather. Source here.
2) Changes coming to Airbnb in Nashville. There has been a big debate, but finally in January, the Metro Council took action to gradually curb the amount of short-term rentals in residential communities. Will other cities be far behind? The council voted 25-5 to rollback permits over the next few years with the goal to be completed by June 28, 2020. The change only impacts investor-owned properties; Airbnb properties lived in by owners and rented occasionally are not affected by this ruling. Source here.
3) Hotel proposed for the Murfreesboro Square area. The old First Methodist Church, that was most recently home to Franklin Synergy Bank. The City of Murfreesboro bought it from the bank and the City Council is currently discussing the project. They hope to preserve the brick structure and its bell tower while also making it a useful piece of downtown Murfreesboro. Source here.
4) The Blackman area of Murfreesboro adding a shopping center with 2 restaurants. The Blackman shopping center at Fortress and John Rice Boulevards right off of I-24 plans include 2 national chain restaurants and a walk-in urgent care. Beaty Properties LLC is the developer of the 2.5 acre tract. The land is near many homes and apartments and is expected to further enhance the area. The first phase is 17,000 square feet and the second phase should include a major national retailer and total 20,000 more feet. Source here.