If you purchased a home in Nashville in August of 2016, there’s a good chance that you saved yourself $32,000.
In the latest report from The Greater Nashville REALTORS®, the average price for a single family home last month was $285,000, compared to an average of $253,000 just a year ago.
Wow….That’s almost a 13% increase.
Condos also hit an all-time high at just over $207,000.
So for those of us who waited to purchase, did we all miss the bus and are we now buying at the peak of the market? Not likely.
When a city has as much to offer as Nashville does, it makes you feel a little safer when it’s time to invest.
Over the last 5 years, the city has seen double digit increases in the average home value every year…..and while we can never be 100% certain, it appears that we’re still headed in that direction for a while.
But I keep hearing from builders and multiple people in the real estate industry that the market is starting to shift and they are noticing a slow down in buyer activity.
There’s just one problem……. The numbers don’t support this claim.
At the end of August there were 3,883 home closings reported in Nashville. This is a 3.8 percent increase over the 3,741 closings we saw last August.
Real Estate Closings by Category
|August 2016||August 2017|
So maybe the slowdown is starting to rear it’s ugly head this month? Not a chance.
The latest numbers show a whopping 15% increase year over in pending home sales for the month of September, which means the home sales report should be incredibly strong when it comes out next month
And it’s not like properties are sitting on the market forever before they sell either. The average days on market for August was just 25 days compared to last year’s 29 days.
The real issue is providing homes for first-time homebuyers. If we had more affordable housing you would see even crazier home sales statistics.
So, the Nashville market isn’t showing any signs of slowing down, it’s just that some people of are being priced out of the market or you have cases where some builders are pricing their product out of the areas they are building in.
These stats also tell us that if you do decide to buy a home now, you will likely still see similar gains in home values that we’ve seen in previous years.
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