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The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.

Nashville's Hot Property Market Shows No Signs of Cooling -- John Dunn

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NASHVILLE, Tenn. -- Prices are rising and buyers are bidding. New numbers show Nashville is one of the top five fastest growing large cities in America. In some parts of the city the housing market reflects that trend.

There's no denying the buzz about Nashville. You can't miss the construction and new activity happening all across the city. "Nashville is so hot right now, and people just want to be here and around other people that moved here for that reason," says Nashville resident Johnny Gates.

Nashville's housing market reflects a city on the move. You'll see more and more for sale signs. Realtors stay busy as prices keep climbing. "Realtors who've been in this area for a while keep thinking the market will at some point cap at a certain price per square foot, but you're not seeing that right now," says realtor Sean Shariati.

Certain areas such as Germantown, 12th South, the Gulch, and East Nashville are red hot. Homes are listed one day, and sold, often times above asking price, within a week. Buyer Ryan Schemmel has been outbid several times. "In my personal experience I felt I have been very aggressive, and it wasn't aggressive enough, so I guess I would say you have to be really aggressive," says Schemmel.

One area which has changed dramatically over the last decade is the Gulch. "This area was run down warehouses, the streets looked completely different, there were no sidewalks," says Marketstreet Enterprises developer Jay Turner.

The Gulch was envisioned by developers from Marketstreet Enterprises. Condos, restaurants and soon office buildings make up this unique neighborhood. "The millennial generation wanted to be in an urban environment, so that's what we built," says Turner.

Twelve - Twelve is the newest Gulch project. It includes 286 luxury condominiums from developer Ray Hensler, who took us inside the 23 floor glass building with sweeping views of the city. The penthouses on the top floor will be among Nashville's largest. With smaller two bedroom units starting at more than $400,000, Twelve-Twelve will attract new customers. Baby boomers and empty nesters are looking to downsize from large homes. "But I think what people want to be able to do is rely less on their cars, be able to walk more, and live in an urban neighborhood where there's a sense of community," says Ray Hensler.

Walkability and vibrancy are key factors for many of the people who live in Nashville's hottest neighborhoods. "There are a lot of cool places within walking distance, you know, I've really seen the Gulch grow quite a bit," says Gulch resident Kelsey Johnson.

"You know the demand is there, so we just have to figure out how to smartly grow and fulfill that demand," says Parks in the Gulch realtor Zach Goodyear.

Nashville's housing market shows no signs of slowing down. Buyers are discovering America's new hot city is the place to live.

Realtors say other parts of Nashville are also benefiting from the housing boom. Crieve Hall, the Nations, and Inglewood are becoming more desirable. Areas like Sylvan Park and Green Hills remain very strong.

For news updates follow John Dunn on twitter @WZTVJohnDunn

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