NASHVILLE, Tenn. (WKRN) — It’s a home seller’s dream – profits across the U.S. are up, according to new data. The national median home price reached another high, sitting at more than $310,000.
A new analysis from Attom Data showed typical profit margin on home sales nationwide increased to the highest level in 10 years at 48 percent.
Here in Nashville, homeowners are cashing in even more.
“Home values in Nashville over the last couple of years have definitely gone up,” said Robbie Drimmer, a realtor with the Drimmer Group of Compass Real Estate. “We saw a major increase in home values during the pandemic, because of a lot of people moving here from more expensive markets from the northeast and west coast.”
That, paired with low interest rates and glut of buyers amid low supply is raising demand and spiking prices.
The the median home price in Davidson County jumped 20 percent year over year, sitting around $370,000.
“In the Nashville market I’m 100 percent confident that prices will continue to go up.” Drimmer added, “Interest rates are at an all-time low; buyers are locking in roughly 2.9 percent interest on a 30-year-loan, which is less than inflation.”
Drimmer said he put a property on the market Thursday morning that sold two years ago for $650,000 and listed it at $900,000. With more than 30 scheduled showings already, Drimmer is confident it could meet the million dollar mark.
“My team has sold roughly 150 homes here in the last 10-11 months, and nearly all of them are going 11 percent above list price. So, the values of these homes continue to go up,” Drimmer said.
Attom Data reported the typical home sale in Metro Nashville during Quarter three of 2021 generated a profit of more than $125,000, with the areas typical profit margin increasing to 51 percent.
So, what’s the right choice when it comes to selling your home? Sell now, or wait?
” I think you have to do what’s best for your family. If you’re selling because you need a larger home, I think its amazing time to sell. You’re selling at the height of the Nashville market,” Drimmer advised.
“I continue to see prices go up, so if you’re planning on being in a home for the next couple years, you’re going to do just as well on your future home as you would have done on your current home and also lock in low interest rates.”