If you bought or sold a home in the Nashville area recently, you know just how hot the real estate market is in this area. The word has finally gotten out about all the great things Nashville has to offer. Jobs, no income tax, low property tax, good weather, endless entertainment options, world class restaurants, close proximity to the beach and other major cities, etc. There’s a reason they call it the “Third Coast”.
According to a recent MSN Money article, Nashville-Davidson-Murfreesboro-Franklin, TN is the 2nd best place in the country for first time home buyers.
The good news for sellers is that there’s never been a better time to sell. The so so news for buyers is inventory is tight. As a matter of fact, The Tennessean recently reported that the Nashville-area home market is the tightest it’s been since 2007. In that article they detail the numbers as such.
“Roughly 2,837 home closings were reported in March, up 12 percent from that month a year ago, according to monthly figures the Greater Nashville Association of Realtors released Wednesday. That gain aside, last month’s inventory of 8,235 single-family homes was down 13 percent from a year ago. By one measure, that’s the lowest months of supply since the last U.S. recession started in late 2007.”
The average price for a single family home in the Nashville area for March was $222,400. This represents a 14% increase from the same period a year ago.
What does this mean for you?
If you are a seller it means that you need a realtor that can help bring you the many willing buyers and help you get the best possible price for your home.
If you are a buyer, you are really going to need a realtor. A knowledgeable realtor can help you find the listings that may be hard to come by or ones that aren’t even published. It can be frustrating when looking to buy a home in a seller’s market. You go to showing after showing only to find out that it’s already under contract or that it already has 8 bids on it. When you think you have found the ideal home and then realize you have to start the process all over again, it can be a very emotionally draining process.
If you are looking to buy or sell a home in the Nashville area, now is the time. The market is great and interest rates continue to be at historic lows. Let one of our friendly, experienced realtors help you find the perfect home.