NASHVILLE, Tenn. (WKRN) — Nashville is one of the hottest cities in the country and the current median home price is showing it.
According to RE/MAX Advantage, the average median home price in Nashville is $405,000. Five years ago, the average median home price was $250,000.
The company also discovered that home prices are up 19.2 percent over the last year, sales are down 7.4 percent and the housing inventory is currently at a 1.5 month supply.
“The big news in Greater Nashville is our surpassing the $400k mark for median housing expense,” RE/MAX Advantage Nashville’s Jeff Checko said. “We surged to this number in recent years as the median home price just ten years ago was $155k, and just five years ago in 2016 was only $250,000. Despite being amongst the most trendy and sought-after places to live, Greater Nashville is still considered affordable compared to America’s largest cities.”
People are making their way to Nashville from many of the country’s largest cities. Lee Wilburn is a Californian working with Compass Realty’s Amanda Hoffman. He is currently looking for a home in Nashville that he can build roots.
“It’s certainly a new experience for me to buy a home and a lot of people are doing that,” Wilburn says. “I don’t think I’m the only person, the key to that is finding a good person to help facilitate home searches.”
Real estate experts believe this housing price rise will continue for the coming future.