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

4639 Properties
Page 1 of 387
$439,900
Subdivision: Springhouse Sec 4
4
Beds
3
Baths
3,069
Sq.Ft.
2016
Year Built
1
Days on Site
2176159
MLS
"The Franklin" was built by Harney Homes. 4 bd/3 full baths, 2car plus 1 car garage. Hard to find 3 zoned bedrooms downstairs and one upstairs with it's own bathroom
$171,500
Subdivision: Pembrook Place
3
Beds
2F11/2
Baths
1,482
Sq.Ft.
1991
Year Built
1
Days on Site
2176163
MLS
Spacious two story home on large level lot with laminate floors, vaulted ceilings, fireplace, large eat in kitchen plus combo dining, master suite with full bath, oversized guest rooms, great...
$289,900
Subdivision: Indian Ridge Sec 5
3
Beds
2F11/2
Baths
1,928
Sq.Ft.
2002
Year Built
1
Days on Site
2176169
MLS
WELL MAINTAINED HOME! FEATURES INCLUDE HIGH CEILINGS* GRANITE IN KITCHEN*NEW PAINT* LAMINATE* TILE IN BATHS* *NEW CARPET IN BEDROOMS*MASTER BEDROOM MAIN LEVEL* 2 BEDROOMS AND BONUS ROOM ON 2ND...
Open 8/9
1100 Russell St Nashville, TN 37206
$525,000
Subdivision: Mc3 Building
2
Beds
2F11/2
Baths
1,536
Sq.Ft.
2008
Year Built
1
Days on Site
2176167
MLS
Unbeatable Location! Walk to 5 points and tons of Shops and Restaurants!! Brand New HVAC, Custom Backsplash /Under Cabinet Lighting-Quartz Counters and Bamboo floors with high ceilings! filled with...
$419,000
Subdivision: Westbrook
4
Beds
3
Baths
2,736
Sq.Ft.
2020
Year Built
1
Days on Site
2155642
MLS
New construction home on a beautiful 1.9 acre, low maintenance subdivision lot! 4 bedrooms, 3 full baths, open floor plan all on one level.
$284,900
Subdivision: High Lake
3
Beds
2
Baths
1,500
Sq.Ft.
2020
Year Built
1
Days on Site
2176173
MLS
ALL BRICK ONE LEVEL- New construction- 3 BEDROOM 2 BATH HOME IN SOUGHT AFTER HIGH LAKE SUBDIVISION. Open concept great room with towering 14-foot ceilings flows nicely into open dining and island...
4
Beds
3F11/2
Baths
2,464
Sq.Ft.
2020
Year Built
1
Days on Site
2176179
MLS
New Construction in the Nations! This house is located right off of 51st Avenue and has 4 bedrooms, 3 full baths, 1 half bath, 2 car detached garage, and a beautiful covered porch. Walking distance...
$484,900
Subdivision: Westhaven Sec 5
2
Beds
2F11/2
Baths
2,265
Sq.Ft.
2005
Year Built
1
Days on Site
2176176
MLS
Beautiful 2 bedroom 2.5 bath townhome in the desirable Westhaven Community. Located on charming Pearl Street which host mature trees, park like setting and a pond. Home has corian countertops~maple...
$335,000
Subdivision: Chapelwood
3
Beds
3
Baths
1,728
Sq.Ft.
1980
Year Built
1
Days on Site
2163632
MLS
This one story home is all about the aesthetics. Complete home renovation with modern gray-toned look. Renovations include custom built shelving units and closets throughout the home, updated bright...
Open 8/8
1048 Westfield Rd Dickson, TN 37055
$408,900
Subdivision: Twin Ponds
3
Beds
3F11/2
Baths
2,547
Sq.Ft.
1994
Year Built
1
Days on Site
2176189
MLS
Peace & tranquility w/this stunning home on almost 6 acres. Sits well off the road for privacy! Open concept w/large rooms & lots of storage. Bonus room upstairs is huge with storage off to the side...
$203,900
Subdivision: Glen Ellen Landing
3
Beds
2
Baths
1,620
Sq.Ft.
2007
Year Built
1
Days on Site
2176191
MLS
Honey The Seller has done a Great Job Fixing Up Home. This Is Us!!! Seller has Spent $71,400 in Upgrades. New Flooring & Lights in 2018. New Cabinets, Countertops, Split AC in Bonus 2019. New 50 yr...
$299,900
Subdivision: Chaparral Ph 2
4
Beds
2F11/2
Baths
2,208
Sq.Ft.
2006
Year Built
1
Days on Site
2176013
MLS
Come check out this beautiful home. For the neighborhood, this home has a large amount of square footage. The master bedroom is downstairs all other bedrooms are upstairs as well as a full bathroom....

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