It’s great to be a home seller these days in Nashville. Nashville home prices have shot up over the last year. We all know that there is a shortage of inventory combined with an influx of home buyers in Nashville. The latest reports from the Greater Nashville Association of Realtors confirms what most of us already knew. The part that I find the most intriguing about this report is not the number of homes sold, but the average sales prices of these homes.
Not to say that I don’t find it impressive that home sales are up almost 24% from last June. According to GNAR, there were 3,038 homes sold last month compared to the 2,453 that were reported this same time last year. What I think shows how powerful this seller’s market is, is the fact that the average home sales price topped $200,000 for the first time. EVER.
Will Current Trend Of Nashville Home Prices Lead To More Inventory?
This should have a positive affect on the amount of future inventory we may see hit the market in the following months. Many homeowners are getting top dollar for their home and more will likely decide that now is the perfect time to sell their house. Couple that with interest rates that appear to be on the rise and some feel that it may be the perfect time in Nashville to list their home.
GNAR President, Prince Lechleiter reinforced this thought by stating,“The median price for a single-family residence is more than $200,000 for the first time ever. The previous high was $196,000 back in June of 2007. Seeing prices increase may encourage some people to consider selling, which would be helpful in light of the fact that inventory remains low. Quality properties are selling very quickly right now.”
As we see more inventory of homes in Nashville hit the market, we could see prices come down from the current record highs. But for those who have their homes currently listed, there couldn’t be a much better scenario as a home owner.