Charleston, SC, homebuilder Crescent Homes is expanding into the red-hot Nashville market, according to The Tennessean.
The builder has 75 lots under contract in Williamson County, which is located south of the city, with plans to build single-family houses priced from $350,000 to $700,000. Construction is expected to begin this summer.
Crescent Homes is also planning more than 50 single-family homes in Murfreesboro, TN, and Smyrna, TN, both of which are southeast of Nashville.
Nashville is fast becoming one of the country’s up-and-coming real estate markets. The city ranked sixth among the nation’s top cities for real estate investing in 2017, up from seventh in 2016, according to a recent report from PricewaterhouseCoopers and the Urban Land Institute.
The report claims that the cost of doing business in Nashville is 6% below the national average, and that the median home price is $225,000, 7% less than the U.S. median price of $243,000.
One example of the city’s growth is the forthcoming Fifth + Broadway complex to be constructed on the site of the former Nashville Convention Center. The $430 million mixed-use development will comprise 183,000 square feet of retail, 350 residential units, a 375,000-square-foot office tower and a parking garage.
Along with the growing city’s attractive culture, according to The Tennessean, the PwC/ULI study laid the growth at the feet of the city’s diverse economy, featuring the kinds of jobs in health care, technology, tourism and education that convince a high percentage of local college graduates to remain in the area.
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