NASHVILLE, Tenn. (WKRN) — Home prices are on an upward climb reaching record highs. In addition, Greater Nashville hit another milestone this week marking three consecutive months of record home sales.
The lack of inventory is keeping the market in the sellers’ courts. “It’s everywhere. Down in Columbia, it’s hot; Dickson is hot; it’s hot all around,” Bobby Hill said, managing broker with Crye-Leike Realtors. “We are so blessed in this Middle Tennessee area.”
Jeff Checko, realtor and broker with The Ashton Real Estate Group of RE/MAX Advantage said the area has been seeing growth consecutively from 2013/2014 until now.
There were 4,336 home closings in the Greater Nashville Region reported for the month of September, according to figures provided by Greater Nashville REALTORS®.
That figure is up 17 percent compared to this time last year.
News 2 asked Hill if he thinks we could see record sales consecutively for four, even five months.
“I really do,” he said. “I really think we will. I think it’s unbelievable. Our numbers are up. 600 more homes are pending under contract this year than there was last year,” Hill said.
There were 3,799 sales pending at the end of September. That’s compared with 3,181 pending sales at this time last year.
Checko said the outcome of the November election could shake things up, but he added data wouldn’t show a change right away.
“It takes a while to come to shore when there’s a quake in the ocean,” he said.
The median residential price for a single-family home during September was $348,000, and for a condominium it was $245,000. This compares with last year’s median residential and condominium, prices of $318,000 and $236,000, respectively.
Hill said his greatest concern right now is inventory.
Inventory at the end of September was 7,847, which is a decrease from 11,447 in September 2019 – according to Greater Nashville REALTORS®.
“Our inventory across the board is down 3,500 properties,” Hill said. “It’s like the first of the pandemic when we couldn’t get toilet paper; couldn’t get cleaning supplies; it’s kind of like we don’t have houses sometimes in a particular price range mainly in the $180,000, $220,000 and $250,000, we don’t have many houses to show people.”
Zillow’s weekly market report says total inventory in Greater Nashville is down 27 percent year over year and down more than seven percent compared to last month.
The good news is a new report from Porch.com using data from the U.S. Census Bureau’s Building Permits Survey shows Nashville is investing the 3rd most in new housing in 2020 out of all large metro areas in the U.S.
In the Nashville-Davidson–Murfreesboro–Franklin, TN metropolitan area, 10,929 new housing units have been authorized, which is 566.0 units for every 100,000 residents.
- New housing units authorized (per 100k residents): 566.0
- Total new housing units authorized: 10,929
- Total value of new housing units authorized: $2,078,322,000
- Median home price (all existing homes): $289,094
News 2 is reporting on Nashville’s historic growth and the growing pains that come with it. Click here for more Nashville 2020 reports.