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

1846 Properties
Page 1 of 154
$629,000
Subdivision: Marymont Springs Sec 1 Ph
5
Beds
4F11/2
Baths
4,011
Sq.Ft.
2009
Year Built
2
Days on Site
2245074
MLS
Marymont Springs 4,011 Sq Ft listing. Lower Master Suite, Upper huge Master Suite with Walk in closet, Shower, and Garden tub. Upstairs Family Room. Jack and Jill Suite with two large bedrooms, and a...
$339,500
Subdivision: Ellington Gait
4
Beds
3
Baths
2,725
Sq.Ft.
2012
Year Built
2
Days on Site
2245076
MLS
Zoned For All Rossview Schools & Approximately 1 Mile Off The Interstate, This Subdivision Backs To The Civitan Park Trails/Playgrounds/Picnic Areas/Batting Cages- Access By...
$262,000
Subdivision: Colewood
3
Beds
2F11/2
Baths
2,416
Sq.Ft.
1975
Year Built
2
Days on Site
2245079
MLS
Investors special! Great opportunity for a flip, rental or just easy renovation. Brick home with good roof and good HVAC. Nice neighborhood. Buyer has large amount of replacement flooring still in...
$515,000
Subdivision: Icon In The Gulch
1
Beds
1
Baths
867
Sq.Ft.
2008
Year Built
2
Days on Site
2245080
MLS
Nestled one floor below the penthouse level, you get to catch beautiful sunsets from each room. 2 pools, 2 gyms, currently upgrading the 9th floor club room leading out to one of the best pool scenes...
3
Beds
2
Baths
1,456
Sq.Ft.
2008
Year Built
2
Days on Site
2245081
MLS
Manufactured home on permanent foundation~beautiful views from this home which sits on a spacious lot~eat-in kitchen & island! Open floor plan for entertaining~built-in entertainment system~lots of...
$314,900
Subdivision: 3100 Sean Townhomes
3
Beds
3
Baths
1,792
Sq.Ft.
2016
Year Built
2
Days on Site
2245082
MLS
HERE'S THE ONE YOU BEEN WAITING FOR!!! Fantastic Donelson location will give you easy commute to airport, Opry Mills, down town Nashville & all that Donelson has to offer! Built in 2016 with three...
$349,000
Subdivision: Griggs Meadows Lot 2 Townh
4
Beds
2F11/2
Baths
2,664
Sq.Ft.
2017
Year Built
2
Days on Site
2245084
MLS
Do not miss this move in ready single family HPR located on a private dead end street. Inviting open floor plan with a spacious living room and kitchen including gorgeous cabinetry, spacious granite...
$405,000
Subdivision: The Montclair
2
Beds
2
Baths
1,314
Sq.Ft.
1987
Year Built
2
Days on Site
2245085
MLS
Top floor, renovated 2-BR/2-BA West End condominium flat at The Montclair. Features updated flooring, paint, new lighting, a completely renovated kitchen w/ new cabinets, quartz counters, stainless...
$250,000
Subdivision: Autumnwood Farms
4
Beds
3
Baths
1,865
Sq.Ft.
2013
Year Built
2
Days on Site
2245087
MLS
Welcome Home! 4 Beds plus Bonus Room on Large Lot - Privacy Fence - New Paint Throughout - Ample Attic Storage through Master Closet - Lot Extends Beyond Fence with No Back Neighbors - Fire Pit -...
$359,900
Subdivision: Chandler Pointe 1 Ph 2
4
Beds
2F11/2
Baths
2,781
Sq.Ft.
1999
Year Built
2
Days on Site
2245094
MLS
LOCATION, LOCATION, LOCATION!! : Beautiful home in the coveted Chandler Pointe Neighborhood , well maintained, lots of space for entertaining. Just 20 min from downtown Nashville! Don't miss out on...
$185,000
Subdivision: Northpark
3
Beds
2
Baths
1,185
Sq.Ft.
2002
Year Built
2
Days on Site
2245095
MLS
Cute as a Button! Adorable 3 Bedroom, 2 Bath with Park Like Backyard! Home Warranty already in Place. Don't Miss out On This One! Showings start Saturday April 17!
$264,900
Subdivision: Somerset Springs Townhomes
3
Beds
2F11/2
Baths
1,720
Sq.Ft.
2018
Year Built
2
Days on Site
2245096
MLS
Move in Ready!! Only 2 year old townhome with 3 bedrooms, 2.5 bathrooms and a 2 car garage. This property boasts an open floor plan, kitchen with granite tops, a new dishwasher, new backsplash, and...

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