Axios reported this week, Nashville's housing market has seen a dramatic surge in prices, with the median home price jumping over 53% in just five years—from $301,400 in 2019 to $462,500 in 2024. Unfortunately, wages haven’t kept pace, leaving more residents housing cost-burdened—spending over 30% of their income on housing costs, making it harder to meet other essential needs.

While mortgage rates remain high and inventory low, many potential homebuyers are still sidelined. Realtor.com chief economist Danielle Hale doesn’t expect rates to dip below 6% this year, despite Federal Reserve cuts. As Nashville continues to grow, addressing affordability is critical to improving residents' quality of life and ensuring long-term stability.

For more details on the statistics and trends impacting Nashville's housing market, check out the full article on Axios here.

To create more opportunities for residents to get on the housing ladder, we must expand the housing market. This means building more affordable units and starter homes and encouraging better land-use policies. By reimagining under-utilized land for housing or mixed-use developments, we can benefit the community, increase tax revenue, and improve access to homeownership for more people.

The Alliance for an Affordable Nashville is working collectively to address these challenges. Member organizations are advancing equitable housing solutions by advocating for smart policies, building coalitions, and creating housing opportunities that are affordable and accessible for all Nashvillians.