When faced with the question of whether you should you buy a luxury home in Nashville, TN, or Franklin, TN? The answer lies entirely on your priorities – the most important of which we delve into below.
If a short commute into the city is what you desire…it depends. As with any city, especially a “car city” like Nashville, sometimes driving from one end to the other takes just as long as driving in from the suburbs. Even taking Nashville’s public transportation option can be a chore – again, depending on where your home is located and where you want to go. Franklin, TN is roughly 25 minutes via Interstate-65 into the heart of Nashville. That’s hardly a difficult commute with a direct, no hassle route.
If you want more lot size and privacy…choose Franklin, TN. Unlike other dense city suburbs, homes in Franklin, TN actually offer plenty of space on larger lot sizes, courtesy of its gated communities like the illustrious Brandon Park Downs. For example, take this beautiful country home in Franklin, TN up for absolute auction on April 10th, it sits on a full 2 acres and boasts three luxurious levels of living space. Nashville, of course, offers considerably smaller parcels of land to luxury homebuyers. There are some larger estates with acreage with “Nashville” addresses, but they are few and far between, tend to rest on the outskirts of the city and are prohibitively expensive – even for the luxury real estate buyer.
If you want better schools…choose Franklin, TN. While Nashville’s schools – both public and private – are far from low-ranking, Franklin, TN boasts schools with higher test scores, lower class sizes and higher graduation rates.
If you want to pay less taxes…choose Franklin, TN. Williamson County, where Franklin sits, boasts the third lowest property taxes in the greater Nashville region and approximately half the tax rate of Nashville itself (at a mere $2.38 per $100 of a home’s assessed value).
If you want to see your luxury home appreciate…choose Franklin, TN. In the last 10 years, homes in Franklin, TN have experienced some of the highest home appreciation rates of any community in the nation. Franklin real estate appreciated 45.51% over the last ten years, with homes in Nashville at 31.96%. Franklin has an average annual home appreciation rate of 3.82%, putting the city in the top 20% nationally for real estate appreciation, while homes in Nashville come in at 2.81%, ranking it in the top 30% nationwide. Based on the last twelve months, short-term real estate investors have found good fortune in Franklin. Appreciation rates for homes in Franklin, TN in the latest quarter were at 2.02%, which equates to an annual appreciation rate of 8.31%. The annual appreciation rate is 7.54% for homes in Nashville, TN.
So, if you are a luxury home buyer or real estate investor, homes in Franklin, TN definitely have a track record of being one of the best long term real estate investments in America through the last ten years.