The Value Players.  Few Davidson County/Nashville zip codes show the price diversity that 37208 possesses.  Relocating buyers or those unfamiliar with the area often find the area perplexing.  How could one segment’s values be more than five times the value of a virtually neighboring spot.

While the unit sales for single family homes were at a low in 2009 in 37208, Germantown, Salemtown and Hope Gardens emerge again as the price point leaders.

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Germantown.  Few parts of Nashville are as well known as Germantown.  As Nashville’s first ever suburb, the tiny zone’s breath-taking downtown views, easy access to every part of town and one of the closest neighborhoods to downtown where you can own a house make it a consistently popular area.  Popular restaurants like Germantown Cafe and Monell’s coupled with area-attracting events like OktoberFest, keep Germantown’s namesake in the top of mind.

2009 brought a pitiful two sales to its city blocks.  1224 5th Avenue North was built in 1998 and sold for $237,500 for 1626 sqft.  1317 4th Avenue North  was built in 2004 and closed for $350,000 for 1965 sqft.  Twenty-four homes tried the market, but didn’t see the closing table.

Salemtown.  While this area stays in naming conflict with Germantown, its sales surprisingly outpaced its bordering city.  Many Germantown residents are quick to correct those who call the area north of Hume “Germantown.”  It has indeed emerged as its own desireable spot.  Thirteen homes closed with an average price per square foot of $112.82.  608A Hume saw the highest value in all of 37208 at $390,000.  The area still struggles with the new vs. the old mentality which Germantown endured in the early 2000s.  5th and 6th Avenue North remain the most popular and valued streets.

Hope Gardens.  The breakthrough neighborhood of the 2000s, Hope Gardens emerged from disrepair and block after block of delapidation to see some of the trendiest, most beautiful homes in the downtown radius.  Spurred by the Hope VI program, a land grant program begun in the Clinton Administration, Hope Gardens is truly a story of success and vitality.

In 2003, skeptics would have ripped anyone who forecasted a home could sale for $290,000 ever in this neighborhood, but that’s exactly what 1017 Warren Street did in 2009 for 2149 sqft.  Locklayer Street continues to be the value spot.  The completion of Park Place in 2008 introduced an entirely new population to the 5×5 block area and will be interesting to watch as those continue to evolve.

All The Rest. Historic Buena Vista continues to develop as a hot spot in 37208.  With new streetscaping and signage, it’s a picture perfect zone.  1025 Monroe Street closed for $295,000.  Harding Plan saw one of the most exciting homes close extremely quickly.  1223 Phillips Street’s full green built design (down to the water catching gutters) flew “off the shelf” in a few days at $126,500, setting a price record for the neighborhood.

Buena Vista Park (not to be confused with Historic Buena Vista) brought the most unit sells, however the price swing is hard to analyze.  The low sell was on 16th Avenue North for $11,500 with the highest sell on 1728 Kellow Street for $117,000.  The average sale price in BVP was $47,154.