NASHVILLE, Tenn. (WKRN) – Owning a home is part of the American Dream. But now, more than ever before, that dream has a lot of dollar signs connected to it.
Nashville is the country’s third-hottest housing market, according to the online real estate site Zillow. Four years ago, Zillow ranked Nashville at the top. Despite the very slight tumble in rankings, Davidson County and surrounding communities continue to see sellers in the proverbial catbird seat.
“I’ve been licensed for 19 years and I’ve never seen this type of rampant activity, low inventory, and rapid appreciation,” said Jeff Checko with the Ashton Real Estate Group.
Supply and demand continue to be key drivers in the area. Inventory is lower and homes in the Nashville area are selling less three weeks after going on the market.
“We don’t have places to put people right now,” Maria Holland, an agent with RE/MAX Homes and Estates Lipman Group, told News 2 last week. “We’re going to need more builders because we can’t meet the demand.”
Price trends continue to surge upward. According to realtor.com, the median list price for homes in the following communities has seen healthy increases from May of 2018 to now:
• Davidson County: $319K to $360K
• Rutherford County: $239K to $290K
• Sumner County: $285K to $325K
• Williamson County: $539K to $620K
• Wilson County: $325K to $354K
There are still plenty of options for first-time home buyers and people moving into the Nashville area. News 2 is digging deeper into the ever-evolving housing market in Middle Tennessee for special reports all day Thursday, April 29.
“Nashville 2021: Real Estate Explosion” will look at a variety of trends and tips both sellers and buyers can use to strengthen their position. We’ll also look at the current and future hot neighborhoods for home sales, plus insights from two veteran home flip experts seen on HGTV.