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Nashville ranked hottest single-family housing market in nation

Nashville has the hottest single-family housing market in the U.S., according to online real estate marketplace Ten-X Research of Irvine, California. Growth in home sales, price appreciation, population and jobs all factors in second quarter ranking. The ranking is based on annual growth in home sales and price appreciation.

The ranking in Ten-X’s Top Single-Family Housing Markets Summer 2017 report is also based on local growth in population, wages and jobs in addition to the overall state of the economy.

“In all of these areas, Nashville’s doing far better than national averages,” said Rick Sharga, a Ten-X executive vice president. He cited as an example last year’s 2% local population growth being three times the nation’s average. “Unless there’s something unforeseen that disrupts the economy like a major employer moves out, it’s really well-positioned for the next few years.”

Orlando, Florida and Fort Worth, Dallas, and San Antonio, Texas, were the other top 5 hottest single-family markets.

The report said Nashville’s housing affordability remains favorable even as prices have surged almost 40% beyond their prior peak. They suggest that prices can continue to progress without pressuring buyers, “The Metro also carries modest downside risks as prices only fell moderately during the housing bust,” the report read.

Previously, Nashville had been in the top 10 in Ten-X’s tracking, but ranked No. 1 for the first time in the most recent quarter. For the second quarter, local home sales increased 7.4 percent year-over-year with price growth of 12 percent to mark improvement for 20 straight quarters.

Among the 50 largest U.S. housing markets, Nashville posted the highest score in terms of economic prospects based in part on jobs and population growth. Education, health care and leisure and entertainment are among growing sectors with local employment up 4 percent year-over-year.

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