NASHVILLE, Tenn. (WKRN) — New numbers are painting the picture for massive changes in Middle Tennessee’s real estate market. Over the past decade, the average sale price for a home rose 151%.
This is according to data that was collected over nine counties and led by Greater Nashville Realtors.
In 2013, the average sale price for a home was $179,519. In 2022, that price grew to $451,284.
Kevin Wilson, incoming president of Greater Nashville Realtors, said Nashville is a city to invest in.
“If you’re a buyer in the market today, I think it’s really important to recognize that we’re seeing median home sale prices flatten. So, there’s never been a better time to jump into the market and buy.” said Wilson. “Yes, interest rates are a bit higher than they were at this time last year, but real estate is cyclical and those interest rates are going to come back down and you can refinance.”
Mapping out the trends, the data shows a rise in closings, and then a dip after the pandemic.
Breaking it down to counties, closures on homes in Sumner County rose 38.6%, closely followed by Rutherford County ‘s 37.2%, then Davidson County’s 21.4%. Williamson County closures only rose 4%, according to the data.
“I really believe that if you want to understand the future of real estate, look at the past,” said Wilson. “What we expect to happen is in 2024, we will start to see an increase in sales and an increase in home sale prices once again.”