Nashville's housing market continues to show resilience even as the city grapples with affordability challenges that have caught everyone's attention. According to Greater Nashville REALTORS, September brought 2,881 home closings, marking a modest 2 percent increase from last year's figures. The residential median price now sits at $490,000, up from $467,000 the previous year, while total inventory has expanded significantly to 14,584 homes from 12,308.

But here's where things get interesting. The Atlanta Fed revealed that Nashville's median home price has skyrocketed 62 percent since 2019, a rate that's left many would-be buyers scratching their heads and checking their bank accounts. This surge has pushed city officials into action, with Metro Council scheduled to consider four major zoning bills on November 4th that could reshape how Nashville grows.

The proposed changes would create two new zoning districts allowing townhouses and small apartment buildings in existing neighborhoods, plus incentives for accessory dwelling units in backyards. Greater Nashville REALTORS CEO Jarron Springer emphasized that the goal isn't to change neighborhoods but to ensure more Nashvillians can afford to call them home. The rationale? City officials project Nashville needs 90,000 new homes by 2034, but only 70,000 are possible under current rules.

Not everyone's buying it, though. Save Our Nashville Neighborhoods, a grassroots opposition group, argues the projections are inflated. Their president Christopher Remke points out that while the city bases its 90,000-home target on forecasts of 175,000 new residents by 2034, the University of Tennessee's Boyd Center projects just 69,000 new people over the next nine years. That's quite a discrepancy, and it's fueling heated debate about whether Nashville is preparing for genuine growth or creating unnecessary development pressure.

Meanwhile, individual neighborhoods show varied performance. According to Redfin, Bellevue saw home prices climb 6.5 percent to a median of $490,000 in September, with homes selling in about 62 days. Green Hills experienced the opposite trend, with prices dropping 4.8 percent to $904,000.

The market remains what industry insiders call "somewhat competitive," meaning some homes get multiple offers but buyers aren't in the feeding frenzy we saw during the pandemic years. With the November vote approaching, everyone's watching to see whether Nashville will embrace denser housing or pump the brakes on development.

Thanks for tuning in, and be sure to come back next week for more Nashville real estate updates. This has been a Quiet Please production. For more, check out Quiet Please dot A I..

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