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As real estate grows in Nashville, so does market for multi-million dollar homes

Posted at 1:08 PM, Jan 11, 2019
and last updated 2019-01-11 20:08:03-05

NASHVILLE, Tenn. (WTVF) — As the real estate market in Nashville is growing, so is the luxury home market, with more multi-million dollar homes selling every year, but the process to get luxury homes sold is very different than your typical home.

Take a look inside one luxury home on the market in the video above

“When you look at New York and LA and San Francisco and your major markets, it’s pretty common to see a 2 or 3 or 4 million dollar home, and they don’t sit on the market necessarily for that long,” Jack Miller of Parks Realty, said. “In our market, we have a very wealthy market here in Nashville as well, however, homes in this price range can typically sell in 2 or 3 or 4 years.”

While homes sit on the market longer, they do have a strong market of buyers. The struggle is finding the right buyer for the home.

While Nashville is known for Country Music stars and has plenty of athletes with the Titans and Predators, the majority of luxury home sales go to business people.

“We’re a healthcare center, and so a lot of our homes that we sell in the luxury home market belong to executives as opposed to high profile entertainers or sports figures,” Miller said.

The luxury home market crashed along with the rest of the housing market after the Great Recession, but has rebounded along with the traditional housing market.

In 2017, 99 homes worth $2 million or more were sold in Davidson and Williamson Counties. In 2018, that number increased to 133 homes, a 34% increase.

Currently, there are 181 active listings in Davidson and Williamson Counties for homes worth $2 million or more, 72 in Davidson County, and 73 in Williamson County.

While many of the steps taken to sell a luxury home are the same as your typical home, there are some tactics used to make listings stand out.

“With the luxury home market, the caliber of photography and photographers you use is much, much better," Miller said, adding that it only takes one pair of eyes to sell the house. “We’re not trying to find 5 buyers who want this property, we’re trying to find the one buyer who wants this property.”

To see the listing of the property seen in this story, you can visit the property's listing online.