Nashville is expected to be among the hottest housing markets in 2021.
A new report by Zillow predicts that the Nashville area will be the third hottest housing market in the country this year.
Zillow surveyed 113 industry experts and economists between Nov. 23 and Dec. 8 in this year’s edition of the Zillow Home Price Expectations Survey. The panelists were asked for their predictions about the U.S. housing market as well as their expectations for home value growth in 20 large markets, according to the report
Nashville ranks third on the list, with Austin, Texas, coming it a No. 1 and Phoenix, Arizona, at No. 2.
“For Nashville, we are seeing more and more out-of-state buyers moving here, especially from the West Coast. Having no state income tax is definitely a factor for people who now have the opportunity to work remotely,” Gary Ashton, a Zillow premier agent with Re/Max Advantage in Nashville, said in a statement from Zillow. “If they can sell their home in a traditionally more expensive real estate market and then move to the Nashville area where the property values are better value, this drives their ability to buy without focusing purely on price.”
The report predicts that warm, affordable markets will surge the most, while many coastal areas, such as New York and San Francisco, will experience slower growth.
The following metros ranked as the hottest markets in 2021:
- Austin, Texas
- Phoenix, Arizona
- Nashville
- Tampa, Florida
- Denver, Colorado
The following metros ranked as the coldest markets in 2021:
- New York, New York
- San Francisco, California
- Los Angeles, California
- Philadelphia, Pennsylvania
- Minneapolis, Minnesota
