High Demand For Condos
Due to local regulatory challenges, condo development within Nashville has been very limited. CA South has already begun fulfilling the unmet demand, with 77 new residential condo units set to come online in 2019 and another 50 residential condo units set to be delivered in Summer of 2020. As of July 2018, downtown Nashville had ~2,400 residential condo units, equating to approximately ~33% of the downtown housing. By the end of 2018, developers were projected to add 2,300 residential units of which only 71 would be condos. Of the 123 multifamily projects currently in progress throughout the Nashville metro area, fewer than 1 in 5 are condos or townhomes. The overwhelming majority of buildings are apartments. This has led to strong appreciation in condo sales prices which have increased 11% from $199,350 to $221,850 between 2017 to 2018.