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TN Avg Real Estate Commission Rate in Nashville, Davidson, Murfreesboro, Franklin, Tennessee

Nashville is the capital and most populous city of the U.S. state of Tennessee and the seat of Davidson County. It is located on the Cumberland River in northern Middle Tennessee. The city is a center for the music, healthcare, publishing, private prison, banking and transportation industries, and is home to numerous colleges and universities.

Since 1963, Nashville has had a consolidated city-county government, which includes six smaller municipalities in a two-tier system. The city is governed by a mayor, a vice-mayor, and a 40-member Metropolitan Council; 35 of the members are elected from single-member districts, while the other five are elected at-large. Reflecting the city's position in state government, Nashville is home to the Tennessee Supreme Court's courthouse for Middle Tennessee. According to 2016 estimates from the U.S. Census Bureau, the total consolidated city-county population stood at 684,410. The "balance" population, which excludes semi-independent municipalities within Davidson County, was 660,388. The 2015 population of the entire 13-county Nashville metropolitan area was 1,830,345, making it the largest metropolitan statistical area in Tennessee. The 2015 population of the Nashville-Davidson–Murfreesboro–Columbia combined statistical area, a larger trade area, was 1,951,644.

 

Nashville, Davidson, Murfreesboro, Franklin, Tennessee Average Real Estate Agent Commission Rate Fees:

 A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Nashville-Davidson-Murfreesboro-Franklin, Tennessee. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!

The national average total real estate commission in 2015 was 5.26% *

In Nashville-Davidson-Mufreesboro-Franklin, Tennessee, you will find the following real estate commissions charged*:

Typical Asking Commission: 6.0%

Competitive Commission: 5.0%-5.5%%

Very Competitive Commission: 4.5%-4.99%

The median existing single-family home price in the South rose 6.7%, to $229,400, in the second quarter of 2017 compared to the the second quarter of 2016.  Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:

In the State of Tennessee, median home prices are as follows*:

Metro Area Median Sales Price % of Annual Change
Chattanooga $178,300 6.50%
Knoxville $178,400 6.40%
Memphis $171,500 6.70%
Nashville-Davidson-Murfreesboro-Franklin $248,500 9.50%
 
IMPORTANT

Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home.  In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).

In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent.  Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”.  This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client.  This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).

When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.

 

AGENTS ARE READY TO BID THEIR COMMISSION RATE TO GET YOUR LISTING

At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business.  These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm.  This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Tennessee.

 

ARE YOU BUYING IN THE SAME AREA, TOO?

Sellers who are also buying a home in the same local market have a volume discount advantage.  ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home.  Be sure to check the box that you are also buying a home locally to receive these better rates.

 

ARE YOU READY TO RECEIVE COMPETITIVE COMMISSION RATE BIDS?

Click here to see your savings in just 24 hours…

 

DEMOGRAPHICS:

The data below is for all of Metropolitan Nashville-Davidson County, including other incorporated cities within the consolidated city-county (such as Belle Meade and Berry Hill). See Nashville-Davidson (balance) for demographic data on Nashville-Davidson County excluding separately incorporated cities.

According to the 2009 American Community Survey, there were 628,434 people residing in the city. The population density was 1,204.2 inhabitants per square mile (464.9/km2). There were 282,452 housing units at an average density of 560.4 per square mile (216.4/km2).

Racial composition 2010 1990 1970
White 61.4% 73.8% 80.1%
—Non-Hispanic 57.4% 73.2% 79.5%
Black or African American 27.7% 24.3% 19.6%
Hispanic or Latino (of any race) 9.8% 0.9% 0.6%
Asian 3.0% 1.4% 0.1%

 

At the 2010 census, the racial makeup of the city was 61.4% White (57.4% non-Hispanic white), 27.7% African American, 0.3% American Indian and Alaska Native, 3.0% Asian, 0.1% Native Hawaiian and Other Pacific Islander, 2.5% from two or more races. 9.8% of the total population was of Hispanic or Latino origin (they may be of any race). The non-Hispanic White population was 79.5% in 1970.

There were 254,651 households and 141,469 families (55.6% of households). Of households with families, 37.2% had married couples living together, 14.1% had a female householder with no husband present, and 4.2% had a male householder with no wife present. 27.9% of all households had children under the age of 18, and 18.8% had at least one member 65 years of age or older. Of the 44.4% of households that are non-families, 36.2% were individuals and 8.2% had someone living alone who was 65 years of age or older. The average household size was 2.38 and the average family size was 3.16.

The age distribution was 22% under 18, 10% from 18 to 24, 33% from 25 to 44, 24% from 45 to 64, and 11% who were 65 or older. The median age was 34.2 years. For every 100 females there were 94.1 males. For every 100 females age 18 and over, there were 91.7 males.

The median income for a household in the city was $46,141, and the median income for a family was $56,377. Males with a year-round, full-time job had a median income of $41,017 versus $36,292 for females. The per capita income for the city was $27,372. About 13.9% of families and 18.2% of the population were below the poverty line, including 29.5% of those under age 18 and 9.9% of those age 65 or over. Of residents 25 or older, 33.4% have a bachelor's degree or higher.

Because of its relatively low cost of living and large job market, Nashville has become a popular city for immigrants. Nashville's foreign-born population more than tripled in size between 1990 and 2000, increasing from 12,662 to 39,596. The city's largest immigrant groups include Mexicans, Kurds, Vietnamese, Laotians, Arabs, and Somalis. There are also smaller communities of Pashtuns from Afghanistan and Pakistan concentrated primarily in Antioch. Nashville has the largest Kurdish community in the United States, numbering approximately 11,000. In 2009, about 60,000 Bhutanese refugees were being admitted to the U.S., and some were expected to resettle in Nashville. During the Iraqi election of 2005, Nashville was one of the few international locations where Iraqi expatriates could vote. The American Jewish community in Nashville dates back over 150 years, and numbered about 8,000 in 2015, plus 2,000 Jewish college students.

As of 2015, Nashville has the largest metropolitan area in the state of Tennessee, spanning 13 counties and an estimated population of 1,830,345. The Nashville metropolitan statistical area encompasses 13 of 41 Middle Tennessee counties: Cannon, Cheatham, Davidson, Dickson, Hickman, Macon, Robertson, Rutherford, Smith, Sumner, Trousdale, Williamson, and Wilson. The 2015 population of the Nashville-Davidson–Murfreesboro–Columbia combined statistical area was estimated at 1,951,644.

 

ECONOMY:

As the "home of country music", Nashville has become a major music recording and production center. The Big Four record labels, as well as numerous independent labels, have offices in Nashville, mostly in the Music Row area. Nashville has been the headquarters of guitar company Gibson since 1984. Since the 1960s, Nashville has been the second-largest music production center (after New York) in the United States. As of 2006, Nashville's music industry is estimated to have a total economic impact of $6.4 billion per year and to contribute 19,000 jobs to the Nashville area.

In recent times Nashville has been described as a "southern boomtown" by numerous publications, with it having the third fastest growing economy in the United States as of 2017. It has been stated by the US Census bureau that Nashville "adds an average of 100 people a day to its net population increase". The Nashville region was also stated to be the "Number One" Metro Area for Professional and Business Service Jobs in America, as well as having the "hottest Housing market in America" as stated by Zillow.

Although Nashville is renowned as a music recording center and tourist destination, its largest industry is health care. Nashville is home to more than 300 health care companies, including Hospital Corporation of America (HCA), the world's largest private operator of hospitals. As of 2012, it is estimated the health care industry contributes US$30 billion per year and 200,000 jobs to the Nashville-area economy.

CoreCivic, formerly known as Corrections Corporation of America and one of the largest private corrections company in the United States, was founded in Nashville in 1983. Vanderbilt University was one of its investors prior to the company's initial public offering. The City of Nashville's pension fund includes "a $921,000 stake" in the company as of 2017. The Nashville Scene notes that, "A drop in CoreCivic stock value, however minor, would have a direct impact on the pension fund that represents nearly 25,000 current and former Metro employees."

The automotive industry is also becoming increasingly important for the Middle Tennessee region. Nissan North America moved its corporate headquarters in 2006 from Gardena, California (Los Angeles County) to Franklin, southwest of Nashville. Nissan also has its largest North American manufacturing plant in Smyrna, Tennessee. Largely as a result of the increased development of Nissan and other Japanese economic interests in the region, Japan moved its former New Orleans consulate-general to Nashville's Palmer Plaza.

Bridgestone has a strong presence with their North American headquarters located in Nashville, with manufacturing plants and a distribution center in nearby counties.

Other major industries in Nashville include insurance, finance, and publishing (especially religious publishing). The city hosts headquarters operations for several Protestant denominations, including the United Methodist Church, Southern Baptist Convention, National Baptist Convention USA, and the National Association of Free Will Baptists.

Nashville is also known for some of their famously popular Southern confections, including Goo Goo Clusters (which have been made in Nashville since 1912).

Fortune 500 companies with offices within Nashville include Bridgestone, Community Health Systems, Dell, Dollar General, Hospital Corporation of America, Nissan North America, Philips, Tractor Supply Company, and UBS. Of these, Community Health Systems, Dollar General, Hospital Corporation of America, and Tractor Supply Company are headquartered in the city.

In 2013, the city ranked No. 5 on Forbes' list of the Best Places for Business and Careers. In 2015, Forbes put Nashville as the 4th Best City for White Collar Jobs.

In 2015, Business Facilities' 11th Annual Rankings report named Nashville the number one city for Economic Growth Potential.

Real estate is becoming a major driver for the city's economy. Based on a survey of nearly 1,500 real estate industry professionals conducted by PricewaterhouseCoopers and the Urban Land Institute, Nashville ranked 7th nationally in terms of attractiveness to real estate investors for 2016. As of October 2015, according to city figures, there is more than $2 billion in real estate projects underway or projected to start in 2016. Due to high yields available to investors, Nashville has been attracting a lot of capital from out-of-state. A key factor that has been attributed to the increase in investment is the adjustment to the city's zoning code. Developers can easily include a combination of residential, office, retail and entertainment space into their projects. Additionally, the city has invested heavily into public parks. Centennial Park is undergoing extensive renovations. The change in the zoning code and the investment in public space is consistent with the millennial generation's preference for walkable urban neighborhoods.

Top employers

According to the city's 2016 Comprehensive Annual Financial Report, the top employers in the city are:

# Employer # of Employees
1 Vanderbilt University and Medical Center 24,719
2 Metropolitan Nashville-Davidson County government and public schools 18,820
3 State of Tennessee 17,219
4 U.S. federal government 12,225
5 Nissan North America 10,900
6 Saint Thomas Health 7,100
7 HCA 7,000
8 Community Health Systems 4,300
9 Asurion 4,175
10 Randstad U.S. 4,100

 

*Data provided by Bankrate.com - Real Estate and Wikipedia - Nashville - Tennessee