As Nashville has experienced a booming growth and influx of new residents, visitors, and businesses, it has created a hot real estate market. Sometimes the seemingly fast-paced growth can be scary if you worry about a market crash. You might wonder about the best time to buy and sell in our current market. The Greater Nashville Association of Realtor’s tracks real estate market data and put together this infographic to give a sense of Nashville’s market. Understanding the basics of the current market will make you a better consumer as you make the tough calls on whether or not to buy or sell. Let’s break down the different elements of this graphic.
This is the most up-to-date look at the Nashville real estate market. If you’re considering placing your house on the market, your average days for sale are less than 25 a month. Currently, we are just shy of 12,000 houses on the market with a median home prices of $307,000. (Condominium median prices are lower at $222,750.)
Here you’ll see that the total monthly sales are slightly lower this year compared to last year, but they have remained fairly stable. Indicating a strong, but stabilizing market. 2016 to 2017 saw a much more significant jump in housing costs.
Next, housing prices continue to grow at a healthy and substantial rate which is great news if you’re looking to sell your home or condo. With condominium median sale prices outpacing home sales prices by 3% higher increase compared to 2017. Looking at these graphs, you’ll see significant housing price growth from 2016-2018.
2017 was a low year for housing inventory in the greater Nashville area, which made for even more competition on the available homes for sale. You’ll notice 2018 continued the low inventory trend and has grown past 2016 inventory this summer. Giving home-buyers more options and a little less nerve-wracking competition.
Looking to buy or sell in Nashville? Schedule an appointment with me today to discuss your options based on your unique circumstances and the state of the Nashville market.