NASHVILLE, Tenn. (WKRN) — It may be more buyer-friendly, however, it’s still an active seller’s market here in Middle Tennessee.
New numbers released by Greater Nashville Realtors show that’s been the story for quite some time.
“It feels like it’s been a seller’s market for some time because it really has been,” Steve Jolly, former president of Greater Nashville Realtors, said.
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Jolly, said it’s still a good time to buy. “Going forward if you’re considering buying, I would recommend you buy as soon as possible because we don’t expect prices to go down anytime soon.”
He said there are a couple of reasons for the price hike. For one, he said there are simply just not enough homes. He attributes that to people moving to Nashville from across the country.
“New York, New Jersey areas, northern California, southern California. Those are some huge places that people are migrating into Nashville,” Jolly said.
July numbers show that the median price for a residential single-family home was $478,945, but in places like Mt. Juliet, prices are even higher.
“Mt. Juliet has always been a hot spot area but it’s not unusual to see $800,000 or higher,” Jolly said.
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According to Jolly, one of the best-kept secrets when it comes to home-buying areas is Hermitage. “I think Hermitage is an area that is a great place to look right now, because of the prices, inventory, and because it’s so close to downtown Nashville.”
When it comes to inventory across greater Nashville, at the end of July, there were 9,892 homes for sale. That’s a 10% increase compared to last year. However, it is a notable decrease since 2019 when there were 11,550 homes for sale at the end of July. All of this points to a strong seller’s market.
“It won’t become a buyer’s market until two things happen. Either the demand dries up or the supply of houses increases. And that doesn’t look like it’s going to happen anytime soon.”
Jolly said condos are becoming increasingly more popular in the greater Nashville area. The median price for a condo is $350,110 at the end of July.