This is what the last 3 recessions tell us about Nashville


This is how Nashville survived the last 3 recessionsIt’s hard to forget the Great Recession.  

I often refer to it as the Mortgage Crisis, because that was the impetus of our downfall and part of the delay in the rebound.  

The banks went from selling mortgages to everyone, to shutting down the supply of financing overnight. Since the housing market is 20% of our Nation’s GDP, it was a huge hit to the economy.  

Here’s what happened in Nashville.  

From the peak in 2007 to the trough in 2009, the median sales price decreased from $184,000 to a low of $165,995, or a 9.8% drop in median price.   

Over that same time period, the number of home sales dropped in half, mostly due to limited lending.  It was like watching a train wreck in slow motion, it took two years to hit bottom and then four more years to fully recover in price.

The truth is we were very fortunate that Nashville’s vibrant economy kept us in a much better position than the rest of the country which averaged a 33% drop in value.   

Some places have never fully recovered.  

Most economists do not expect anything like the last recession because one-fifth of our economy isn’t backed by junk mortgages and credit default swaps.

They expect it to be more similar to the traditional recession.

In 2000-2001, we had the dot-com bubble burst along with 9/11.  During that recession, home sales in Nashville increased from 24,811 to 26,556, or about 7%.  And median home prices over the same time period increased by 2%.  

That one sounds more like a bump in the road than a crisis.  

In 1990, we experienced a recession due to the rising price of oil, Operation Desert Storm, and a weak Fed policy.  

Information on Nashville median home prices is not available for this time period. However, I was able to check home sales which increased 4% during the 1990 recession.  I would expect that the effect on prices would have been similar.  

I’m saying all this as a cautionary tale for those who are waiting on the next recession to jump in.  

I understand what you are feeling, but the numbers don’t add up. It’s possible that Nashville escapes the brunt of the next recession too.  And that our prices continue to improve.

With rates near all-time lows again, there might not be a better time to buy than now.  

Whether you agree with me or not, send a message and let me know your thoughts on Nashville. 

To get a pdf version of this report: http://bit.ly/NashTN3

1992 Properties
Page 1 of 166
$299,000
Neighborhood: Dalewood
4
Beds
2F11/2
Baths
2,000
Sq.Ft.
1962
Year Built
1
Day on Site
2386255
MLS
Renovated all brick 4 bedroom 2.5 bath with 2 car garage and workshop area. Gray laminate throughout main and basement with carpet in 3 bedrooms on main level.Finished basement with den, bedroom and...
$379,900
Neighborhood: Hickory Ridge
3
Beds
2F11/2
Baths
1,555
Sq.Ft.
2020
Year Built
1
Day on Site
2386264
MLS
ONLY 2 YEARS OLD! THIS PLAN HAD AN ADDED 2 FEET TO THE HOME FOR EXTRA SPACE. OWNERS HAVE ADDED EVEN MORE UPGRADES TO MAKE THIS HOME KNOCK OUT! PROFESSIONALLY LANDSCAPED.BEAUTIFUL GRANITE WITH TILE...
5
Beds
3F11/2
Baths
3,220
Sq.Ft.
1992
Year Built
1
Day on Site
2386266
MLS
Welcome to the secluded barn style home sitting on 2.81 Acres. Lots of privacy and this home has an abundance of room. Fenced in area in back of home, lots of wildlife. This home has alot of...
$460,000
Neighborhood: The Plains
3
Beds
2
Baths
1,868
Sq.Ft.
2022
Year Built
1
Day on Site
2386273
MLS
New home on a large lot with an open floor plan. Granite counters and Stainless appliances. Tiled shower and glass door. Large bonus room above the 2 car garage and soaring ceilings. Tiled wet areas...
$460,000
Neighborhood: The Plains
3
Beds
2
Baths
1,868
Sq.Ft.
2022
Year Built
1
Day on Site
2386272
MLS
New home on a large lot with an open floor plan. Granite counters and Stainless appliances. Tiled shower and glass door. Large bonus room above the 2 car garage and soaring ceilings. Tiled wet areas...
$700,000
Neighborhood: Cleveland Park
3
Beds
3
Baths
2,199
Sq.Ft.
2022
Year Built
1
Day on Site
2386289
MLS
This Modern craftsman located in Cleveland Park is an East Nashville Gem. This new 2-story construction has 3 bedrooms and 3 baths which include beautiful accent walls with a patio in upstairs Master...
$389,900
Neighborhood: Clearview Hts No 2 &
3
Beds
2F11/2
Baths
1,600
Sq.Ft.
2022
Year Built
1
Day on Site
2386291
MLS
Don't miss this brand new house with tons of upgrades. 36 inches kitchen cabinets with soft close hinges and quartz countertop. Tile in wet areas and waterproof laminate in living room and bedrooms....
$545,500
Neighborhood: Easthaven
4
Beds
3
Baths
2,812
Sq.Ft.
2017
Year Built
1
Day on Site
2386293
MLS
We're so excited to WELCOME you HOME! This impeccably maintained home screams LUXURY! The crawlspace is incapsulated & the home also has a water softener system. It's the little details that mean the...
$435,000
Neighborhood: Mckays Mill Sec 34
2
Beds
2
Baths
1,352
Sq.Ft.
2008
Year Built
1
Day on Site
2386305
MLS
Immediate Possession Beautiful Renovated 2nd (Top) floor End Unit in McKays Mill. Access to Clubhouse, Pool and Tennis. Backs to Trees and Valley, Huge Tandem Garage with space for Storage approx...
$650,000
Neighborhood: Avondale Park
4
Beds
3F11/2
Baths
3,188
Sq.Ft.
2010
Year Built
1
Day on Site
2386304
MLS
A must see basement home in the Avondale Park community! Open & spacious floor plan with a morning room, screened rear patio and privacy fenced backyard for your enjoyment. Plenty of natural light...
$349,900
Neighborhood: East Nashville
2
Beds
1
Baths
650
Sq.Ft.
1958
Year Built
1
Day on Site
2386309
MLS
Beautiful HPR unit in prime East Nashville! These 2/1 units feature flat panel cabinetry, quartz counters, hardwoods throughout, vaulted ceilings, pella windows, tons of natural light and plenty of...
3
Beds
2
Baths
2,392
Sq.Ft.
1998
Year Built
1
Day on Site
2386312
MLS
Incredible setting atop Brick Church Pk! Escape to the QUIET beauty of rural Goodlettsville- enjoy the existing home or build your dream home. Lot is 10.36 acres with part level, open land along with...

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