NASHVILLE, Tenn. (WKRN) – As a result of the pandemic, home sales in Greater Nashville fell 23.2 percent in May, according to the RE/MAX National Housing Report.
Some of the other key takeaways:
- Home sales are in Greater Nashville are down 23.2 percent over last year
- Home prices are up 4.3 percent over last year
- The current median home sale price in Greater Nashville is $317,500
- Nationally, home sales are down 34 percent over last year
- Most homes are only on the market for 23 days
- Multiple offers in most price points under $500k, even more so under $350k
Debra Beagle, managing broker and owner of RE/MAX Advantage in Nashville, reported that despite the decline in May sales, buyer interest remains strong and that bidding wars have returned to the market as a result of low inventory.
“We’ve been through a tornado, COVID-19, everything; where going right now and you know with interest rates so low we’re already seeing a rebound,” Beagle said. “The amount of closings we’re having in June of 2020 will be our biggest month ever in closings.”
Beagle said as far as a brokerage and company as a whole, sales are up more than 30 percent over this time last year.
“I think the market is doing surprisingly well considering what we’ve gone through,” Ryan Turbeville, Director of commercial real estate with the Ashton Real Estate Group said Wednesday.
He added Nashville’s housing market may experience some changes once Nashville’s 34 percent property tax increase goes into effect July 21st.
“It could effect pricing and ability to get a home especially on the lower end of the spectrum,” Turbeville said. “When you’re qualifying for a home one of the things a lender is looking for is your ability to pay for that and how much you’re going to be paying in property taxes, so if you’re already on the edge as far as what you’re able to afford each month a 34 percent increase could knock you out of the ability to purchase.”
He also added the tax hike may force people out of Davidson and into Wilson and Williamson Counties.
This is a developing story. Stay with News 2 and WKRN.com for updates.