NASHVILLE, Tenn. (WKRN) — A decade ago in December of 2009, the median home sale price in greater Nashville was $155,0000, according to data from RE/MAX Advantage.
Ten years later, the number sits at $318,000. Despite the increase, people continue to buy, as home sales across the area continue to rise.
”This is our biggest January the interest rates are still really low and there’s you know some inventory in there that we haven’t had in the past,” Debra Beagle, Principal Broker and Co-owner The Ashton Real Estate Group said Monday.
Beagle said those low-interest rates continue to motivate buyers and drive demand– meaning, 2020 will be a big year for business. She’s expecting an influx in new neighbors, particularly in the urban corridor, specifically due to Amazon’s growth.
Re/Max’s latest housing report shows home sales in the greater Nashville area were up 17.6 percent over the year prior. More specifically, home sales in Nashville were up nearly 20 percent.
Murfreesboro saw a 31.4 percent increase and Clarksville saw a 25 percent increase. Franklin home sales rose 34 percent. All four areas also saw a steep jump in median sales prices compared to December 2018.
The median sales price on a Nashville home as of December 2019 was $370,000, a 12 percent increase from 2018.
“We’re seeing a lot of activity our website we have a lot of calls coming in people wanting to see houses and purchase in our market and I don’t see that slowing down,” Beagle said, adding she doesn’t see anything slowing down anytime soon.
In conclusion: Inventory remains constricted and homes are moving off of the market at an increased pace, with the average day son the market decreasing year over year.
News 2 is reporting on Nashville’s historic growth and the growing pains that come with it. Click here for more Nashville 2020 reports.