Forbes recently released its list of America’s 25 fastest growing cities, and Nashville once again made the cut, jumping from rank 20 to seven in just one year for the Nashville-Davidson-Murfreesboro-Franklin metropolitan area.
The list considers a number of figures including population growth, employment, wages and economic output, and incorporates home price growth as a proxy for wealth.
At the top of the list of factors contributing to Nashville’s growth are a 2.24 percent increase in population in 2017—with a projected 2.15 percent increase this year—and a 3.07 percent increase in job growth in 2017—with a 2.05 percent increase anticipated this year. With those new jobs come higher wages, 5.02 percent higher to be exact.
This year, Forbes anticipates another 6.2 percent increase.
As Music City grows and attracts new talent, those residents need somewhere to live. It’s no surprise home values are also on the rise. In 2017, home prices increased by 10 percent, and Forbes expects another 3.72 percent increase in 2018.
Other areas at the top of the list include Boise City, Idaho (1); Seattle, Washington (2); Dallas, Texas (3); Orlando, Florida (4); Fort Worth, Texas (5); and Las Vegas, Nevada (6). You can read the full list on Forbes’s website.
If you’re looking to take advantage of rising home values and put your house on the market, we can help! Find a Benchmark agent near you at BenchmarkRealtyTN.com or give your local office a call today.