Where Out-of-State Buyers Are Buying Luxury Homes in Nashville (2026 Market Breakdown)

Over the last five years, Nashville has transformed from a regional lifestyle market into a national luxury destination. As the founder of The Costigan Group and a top-producing luxury and investment Realtor in Middle Tennessee, I work with out-of-state buyers weekly — founders, private equity partners, professional athletes, hedge fund managers, and executives relocating from some of the most competitive markets in the country.

And in 2025, one thing is crystal clear:

Out-of-state buyers are no longer “testing” Nashville. They are anchoring long-term wealth here.

This guide breaks down:

• Exactly where luxury buyers are purchasing

• What price tiers are moving fastest

• Why certain neighborhoods are pulling national money

• And how smart luxury buyers are positioning themselves for the next 5–10 years

The Data: Why Nashville Is Dominating National Luxury Migration

According to U-Haul, United Van Lines, Redfin, and IRS migration data:

• Tennessee ranks Top 3 nationally for inbound net migration

• Davidson + Williamson counties rank Top 10 for high-income relocations

• Over 34% of Nashville luxury purchases ($1.5M+) now originate from out-of-state buyers

• California, New York, Illinois, Florida, and Texas account for over 60% of luxury relocations

At the same time:

• Nashville luxury prices have risen 42–68% since 2020, depending on neighborhood

• Yet Nashville still trades at a 40–65% discount to comparable luxury markets like:

  • Austin

  • Scottsdale

  • Palm Beach

  • Beverly Hills

  • Aspen-adjacent mountain markets

That pricing inefficiency is what institutional buyers look for — and they’ve arrived.

Brentwood (37027): The Primary Landing Zone for High-Net-Worth Relocation

Brentwood is the most dominant luxury relocation market in Middle Tennessee, and it’s not close.

Who’s Buying Here

• Tech founders exiting California

• Public company executives from Chicago & NYC

• Professional athletes

• Private equity and healthcare executives

2025 Brentwood Luxury Data

• Luxury entry point: ~$1.5M

• Core luxury sweet spot: $2.2M–$4.5M

• Trophy estates: $5M–$10M+

• Average luxury price per foot: $475–$625/SF

• New-build luxury inventory: Extremely tight

Why Brentwood Dominates

• Top-ranked Williamson County schools

• Gated communities

• Acreage estate lots

• 25 minutes to Downtown Nashville

• Long-term appreciation stability

This is where out-of-state buyers build generational homes — not speculative flips.

Green Hills: Where National Buyers Want “Urban Luxury Without Downtown Risk”

Green Hills has quietly become Nashville’s most consistent urban luxury market.

Who’s Buying Here

• Healthcare executives

• Entertainment attorneys

• Finance & venture capital professionals

• Buyers relocating from:

  • Beverly Hills

  • Manhattan

  • Buckhead

  • Miami proper

2025 Green Hills Luxury Data

• Entry luxury point: ~$1.6M

• Core range: $2M–$3.8M

• Top-tier new builds: $4M–$5.5M+

• Average luxury PPSF: $600–$785/SF

• Buyer demand remains strong despite national rate pressure

Green Hills offers something few markets do:
True luxury + true walkability + true resale liquidity.

Belle Meade & West Meade: Where Legacy Wealth Quietly Buys

These are not trend-driven luxury markets — they are wealth-preservation markets.

Who’s Buying

• Family offices

• Multi-generational wealth

• Buyers relocating from:

  • Greenwich

  • Palm Beach

  • Los Altos Hills

  • Scottsdale

2025 Market Position

• Entry luxury: ~$2M

• Core estate range: $3M–$7M

• Trophy properties: $10M+

• Extremely high off-market transaction volume

These buyers care less about Instagram appeal and more about:

• Architectural pedigree

• Lot quality

• Privacy

• Long-term downside protection

Downtown Nashville & The Gulch: Second-Home + Investment Luxury

This is the fastest-growing luxury condo segment in the region.

Buyer Profile

• California executives buying second homes

• Florida investors diversifying

• Northeast professionals seeking low-tax footholds

• Entertainment and touring professionals

2025 Downtown Luxury Condo Data

• Entry luxury condos: $1.1M–$1.4M

• Core range: $1.6M–$3.2M

• Penthouses: $4M+

• Buildings with strongest demand:

  • Four Seasons

  • 505 CST

  • Twelve|Twelve

  • The Residences at Broadwest

Downtown luxury buyers focus heavily on:

• Lock-and-leave ownership

• Amenity-driven living

• Short-term and mid-term rental flexibility

• National resale appeal

Franklin: Southern Charm Meets National Wealth Migration

Franklin has become a magnet for buyers relocating from:

• Austin

• Dallas

• Phoenix

• Scottsdale

These buyers want:

• Acreage estates

• Gated communities

• Small-town charm with high-end services

Franklin Luxury Pricing (2025)

• Entry luxury: ~$1.3M

• Core range: $1.8M–$3.5M

• Estate compounds: $4M+

Franklin appeals strongly to:

• Entrepreneurs with young families

• Buyers seeking lifestyle + long-term equity

• Former West Coast buyers fatigued by density

Why Out-of-State Buyers Are Choosing Nashville Over Other Luxury Markets

From what I see daily on the ground, buyers relocate to Nashville for six core reasons:

1. Zero state income tax

2. Strong job and business growth

3. Central U.S. travel access

4. Diverse inventory: condos, estates, acreage

5. Live music, sports, culture, healthcare, education

6. Still undervalued nationally at the high end

This is not hype — this is institutional relocation behavior.

What Luxury Buyers Expect in 2025 (That Most Sellers Still Miss)

Out-of-state buyers now expect national-caliber presentation:

• Cinematic lifestyle video

• Twilight and drone photography

• Full digital branding

• 3D walk-through tours

• Private off-market sourcing

• Global syndication

• Strategic pricing psychology

• Relocation-specific negotiation leverage

Listings missing these elements sit longer and sell for less — even in elite neighborhoods.

Is Nashville Still Undervalued at the Luxury Level?

Compared to:

• Austin luxury averages

• Scottsdale trophy estates

• Palm Beach single-family pricing

• Beverly Hills PPSF

Yes — Nashville luxury remains structurally undervalued.

That gap is exactly why:

• Hedge fund principals

• Private equity groups

• National developers

• Entertainment power players

continue acquiring quietly here.

Final Perspective from the Field

Luxury buyers aren’t guessing anymore. They are:

• Studying infrastructure

• Tracking redevelopment zones

• Analyzing tax migration

• Positioning 10-year wealth holds

And Nashville continues to check every box.

If you’re considering buying or selling at the top of the market, understanding where national money is moving before it becomes obvious is the difference between reacting — and leading.

Frequently Asked Questions (FAQ)

Where are most out-of-state luxury buyers moving from?
California, New York, Illinois, Texas, and Florida dominate inbound luxury migration.

What qualifies as a luxury home in Nashville today?
Luxury typically starts around $1.5M, with elite estates exceeding $10M+.

Is Nashville luxury real estate still a good investment?
Yes — driven by tax advantages, population growth, infrastructure investment, and national buyer demand.

Which neighborhoods offer the strongest luxury resale?
Brentwood, Green Hills, Belle Meade, Downtown/The Gulch, and select areas of Franklin.

About the Author

“Jack Costigan is a top-producing Realtor® and founder of The Costigan Group at Compass Nashville, specializing in residential, relocation, investment, and short-term rental real estate throughout Nashville and Middle Tennessee. Known for his modern marketing and data-driven approach, Jack has helped dozens of clients buy and sell homes across Greater Nashville. Learn more at jackcostiganrealestate.com.”