If you haven’t poked your head out of your hole over the past few years, you’ve likely missed the take-off of Nashville Eastside zip codes 37207, 37206 and 37216. Historically, buyers over the median and average sales price in the Greater Nashville area found homes easily throughout the Eastside. You rarely saw a home close above a certain threshold in these zones. In 2013 alone, price points only dreamed about have been achieved in Cleveland Park, McFerrin Park, Inglewood, Lockeland Springs, Eastwood Neighbors, Historic Edgefield, Boscobel Heights, Rosebank, Maxwell Neighbors, Rolling Acres, Shelby Village and Greenwood Neighbors.
If we take 37206’s Lockeland Springs, Eastwood Neighbors, Historic Edgefield, Boscobel Heights, Rosebank, Maxwell Neighbors, Rolling Acres, Shelby Village and Greenwood Neighbors, in the entire MLS history (dating back to the 1990s), a total of 21 homes have closed over the $500,000 price point. Of those 21 homes, 43% of those homes have closed in 2013.
When you examine Inglewood’s 37216 zip code, the $300,000 and over price point has seen 72 closings. One third of those closings have occurred in 2013 alone. If you listed a home for over $300K in 2009 and 2010’s recession years, you were out of luck, as only five homes collectively sold in those two years.
Perhaps the best proof of “edge investments” is happening in 37207’s McFerrin and Cleveland Parks. Thirty-three total homes have sold for over $200K in the history of the MLS. A whopping 55% or 18 homes have close in 2013 above the $200K price point. Keep in mind, the media price of these neighborhoods was $53,900 just 10 years prior. In 2013, the median has almost TRIPLED. Buyers who are looking to make it into East Nashville before the gold rush is completely over should be jumping into this neighborhood…like yesterday. As price points continue to sail higher and higher, don’t be the one who says, “I wish I woulda…”