The Nashville building boom is in full effect, despite higher interest rates, higher home prices and a weaker national economy. During the Great Recession after the 2008 financial crisis, workers were looking for an urban vibe but with cheaper housing. While home prices nationally are up 47% from the start of the pandemic, Nashville prices are up 55%, according to ICE Mortgage Technology. "What we're seeing housing prices and rents go to is very foreign to what they would call affordable," said Eldridge. Gallagher has been working in Nashville's commercial real estate sector since moving to the city over a decade ago.

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Persons: We've, John Eldridge, Eldridge, John Burns, CNBC he's, haven't, It's, Madison Cartularo, I've, Cartularo, Janelle Gallagher, Nashville . Gallagher, she's, that's, Gallagher, Bill Lee Organizations: Istock, Getty Images Nashville, E3 Construction, John Burns Research, Consulting, CNBC, Nashville, ICE Mortgage Technology, ICE, CBRE Locations: Nashville , Tennessee, Nashville, Los Angeles, Redfin, United States, New Yorker, Tennessee