NASHVILLE, Tenn. (WKRN) — Nashville’s housing boom is still on the rise with no signs of slowing down.
“We have what’s called low inventory, there just aren’t enough houses to go around,” said Craig Edwards, realtor with Weichert Realtors/The Andrews Group.
And it’s giving the upper hand to sellers. This week alone, Greater Nashville Realtors reported an average of 54 homes selling per day. On Thursday, the average home price was $403,598.
“In shopping around with clients, I’ll get out there, we’ll find something that we’re interested in and if we’re not able to get an offer in on it within a day or less, it typically is gone,” Edwards said.
One major cause of the boom is buyers from around the country. Many of those buyers turn around and rent the home as an investment.
“We’ve had an influx from California, from areas around Chicago, so much of Illinois, California and also the north east,” Edwards said.
Recent pushes to stop Nashville’s 34% property tax increase have failed, but realtors don’t see that slowing down the market. However, buyers who can’t afford the new tax may end up benefitting surrounding areas.
“The region is still growing, it’s still growing pretty fast,” Edwards said. “Some of the surrounding counties, Sumner County really being one of those, Cheatham County, Wilson County, Mt. Juliet’s really growing. So some areas over there may see the benefits of a tax increase in Davidson County.”