Nashville ranks high on Forbes list for best places to buy homes - Action News 5 - Memphis, Tennessee

Nashville ranks high on Forbes list for best places to buy a home

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NASHVILLE, TN (WSMV) -

Jeremy Jenkins and his wife are looking to buy a new home in Nashville.

"It's clearly booming. Everywhere you turn, there's new development," he said.

The news that Nashville now ranks fourth on the Forbes list for "Where To Invest in Housing in 2014" doesn't surprise them.

Forbes ranked 100 metropolitan cities based on population, home prices and the local jobs economy.

According to the Forbes article, the key to making a good investment is picking a place that's still affordable and has a lot of growth potential.

"You still have your Germantown, your Salemtown, your East Nashville, none of those neighborhoods have totally seen their growth potential. They're not fully functioning city neighborhoods yet," said Nashville realtor David Dorris.

The report says the price of the average home in the Nashville area is still just under $200,000. But the "equilibrium price," or the price the average home should be, is nearly $240,000.

Dorris says the article shows housing prices still have lots of room to climb.

"You still have a nice window there, about 23 percent, but it's still got to kind of get back to just normalize everything and then there's still room from there," he said.

It really comes down to the hunt.

"If you can find the right house for a good price, you can make a lot of money off of it potentially, too," Jenkins said.

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