2008: People are Moving Back to the City
From recent reports from the Greater Nashville Associations of Realtors, it looks like downtown and urban styled real estate development are reaping benefits the economic downturn. People are starting to change their behaviors from using less gas, growing more of their own food and moving closer to where they work. This means many are moving back to the city from the suburbs.
Right now the way the breakdown on who is moving to the downtown corridor is;
• 32% are residents from somewhere in Davidson County
• 22% moved from MSA (Metropolitan Statistical Areas) another word for the suburbs
• 30% from another state
• 4% from somewhere else in TN outside the MSA
• 12% form another downtown location
You may be wondering why Nashville is doing so well with their downtown development plan. One reason is we are behind a little bit with supply and demand. This simply means we have not overbuilt downtown where supply outstrips the demand. This has lessoned the affects of the soft housing market and kept prices stable in the market.
Another reason is the reputation that Nashville has developed over the past few years as a great place to live. Here is an abbreviated list of current awards and accolades.
May 2008 – America’s Friendliest Cities – The Today Show named Nashville one of America’s five friendliest cities.
May 2008 – 2007 Competitiveness Award – Tennessee is the most competitive state in terms of attracting economic development, according to an annual ranking made by Site Selection Magazine, which rates states on actual success in bringing new jobs and industry.
January 2008 – Top Cities for Cultural Amenities – According to bizjournals.com, Nashville ranks nationally as the No. 3 best city in terms of cultural amenities behind New York City and San Francisco.
January 2008 – Best Cities for Jobs – From Forbes, Nashville ranks No. 4 for best city for jobs in 2008.
September 2007 – Top 10 Cities for Business – Nashville ranks No. 6 as the best city to do business because of robust industry sectors ranging from music to health care. MarketWatch.com
April 2008 – Kauffman Index of Entrepreneurial Activity – Tennessee ranked No. 4 based on entrepreneurial startups over the past decade. Ewing Marion Kauffman Foundation
2008 – Top 100 Places to Live – According to Relocate-America, Nashville ranked among the top 100 places to live in America based on education, employment, economy, crime, parks, recreation and housing.
2008 – Top 25 Art Destinations – Results of the annual Top 25 Arts Destination readers poll in AmericanStyle magazine, Nashville ranked 22nd.
April 2008 – 100 Best Places to Live and Launch – Ranked No. 79 in the CNNMoney.com business friendliness and lifestyle offerings.
February 2008 – Best Places for Business and Careers – Nashville ranks as the No. 15 best city for business and careers based on job and income growth, as well as trends. Forbes
January 2008 – Top Cities for Apartment Investing – The Nashville Middle Tennessee area ranks nationally as the NO. 4 best city for apartment investing according to the National Multi Housing Council.
September 2007 – Top Sports Town –Nashville ranks as the No. 16 top sports towns in the U.S. Sporting News.
September 2007 – Top 50 Best Adventure Towns – Nashville is nationally ranked as a top city to live and play based ion an ideal mix of terrain, activity and opportunity. National Geographic
As you can plainly see by the current trends, Nashville is, and will be, a top destination to live and work now and for many years to come.
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