As summer heats up, the housing market is, too.
As reported on News 2, home sales in the greater Nashville area surged last month, breaking records.
Nashville is booming, sales are soaring, and as Harvard Reyolds told News 2, his family is growing.
“That’s why we moved, but we only moved a couple of miles away,” said Reyolds, who’s lived in the 12th South area for 11 years. “We love this area because we have access to downtown, the interstate, while also having a neighborhood view.”
Those are all things J. Daniel Long, a real estate agent with Keller Williams, said most of his clients are looking for in a home.
“People love the old charm of Nashville [that] they can make their own,” Long said.
And right now, owning a home or condo seems to be the thing to do. According to recent data from the Greater Nashville Realtors Association, there were 4,172 home closings in Middle Tennessee, the highest month on record.
According to Long, sales are up 11%.
“I’m not really surprised with having a record number,” he said. “We’ve seen an increase in home sales year over year consistently for several years now. With more houses out there on the market, more people are going to be purchasing and selling.”
The hot housing market means not so hot prices — increasing by 10%.
“It’s gonna be great for your sellers because people can sell for more money and make more money off their properties,” Long said. “It’ll also, for buyers, make it more difficult. But like I said, if interests rates go down, it gives buyers more power its a back and forth constantly.”
Long said there are three factors driving these record numbers: lower interest rates, increased inventory, and job opportunity.
12th South resident Harvard Reyolds agrees.
“It seems they are turning over rather quickly, which is great,” he said. “It’s great for the area. It’s great for the people that are trying to sell their home. And it’s also a good sign that a lot of activity, both business-wise and community-wise, that people are coming into Nashville.”
Long suggests perspective sellers take advantage of this time to put their homes on the market. Your house is likely worth more now than ever, but be prepared for it to sell quickly!
The average number of days a single-family home is on the market in Middle Tennessee is only 32 days.