NASHVILLE, Tenn. (WKRN) — We’ve now entered what’s being called the strongest seller’s market in decades.
According to the latest RE/MAX National Housing Report, Nashville ranks third in the U.S. for fastest-selling homes. The average Nashville home sells in an average of 21 days. Nashville is tied with Cincinnati, where homes also sell in 21 days. Two cities with homes selling at a faster pace are Boise, Idaho (19) and Omaha, Nebraska (18).
“I’d say for the last decade we’ve always had a fast-selling home market but 21 days is just insane,” said Ryan Turbeville, Director of Commercial Real Estate at the Ashton Real Estate Group of RE/MAX Advantage. “Most sellers before we put a house on the market need to have their affairs in order because they know it’s going to go fast.”
Additional takeaways from RE/MAX’s latest report include:
- Nashville home prices are up 10.5% year over year.
- Inventory supply is down 35% over last year.
- The median home sale price in Nashville is $325,950.
With our low inventory and high demand, we’re seeing multiple offers at all price points, even well into the luxury price bracket.
“Certain areas of town sell faster a lot of that has to do with price point and where we are seeing inventory shortages, because we have a lack of inventory overall in the under $400,000 price range. That’s where we’re really seeing the faster sells just because there’s more buyers and less inventory,” Turbeville said, “We’ve got people moving here from all over the country, the demand is as great as it’s ever been. Nashville is set up to succeed really well over the next few years.”
News 2 is reporting on Nashville’s historic growth and the growing pains that come with it. Click here for more Nashville 2021 reports.