NASHVILLE, Tenn. (WKRN) — U.S homes are selling at their fastest pace in more than a decade and in greater Nashville, that’s no exception.
Nashville holds its spot as third in the U.S. for fastest-selling homes. The average Nashville home sells in just 21 days. Nationally, the average is 38 days, according to the latest RE/MAX National Housing Report.
“Everything’s gone within three days,” said April Harrington, Principal Broker and Owner of Exit Real Estate Experts. “The competition is fierce.”
For the first time since 2009, homes sold faster in October than the preceding summer peak season.
“Actually, what’s kind of crazy is this past week, it’s picked up even more,” Debra Beagle, managing broker and co-owner of RE/MAX Advantage said. “It’s not slowing down at all. Normally, in a typical election year, we’ll see a slowdown in October, November, and we had one of our biggest Octobers ever.”
More new data released by RE/MAX Tuesday include:
- Home sales are up 12.6% over last year.
- Home prices are up 13.6% over last year.
- Months supply of inventory is down 35.8% over last year.
“There’s no inventory under $450,000, we’re seeing competitive multiple offers in really all price points even over a million,” Beagle said.
Buyers are now placing offers from a distance, buying the home without seeing it in-person first. Harrington says a lot of offers are over list price and paid with cash.
Harrington says if you’re looking to sell, you better be ready to move and quick.
“Having a good agent get that deal with the house you want is very, very important,” Beagle said.
Meantime, a new report from Apartment List shows that while many metros are getting cheaper, rents are actually growing in surrounding suburban communities.
Since January, rents in the city of Nashville are down 0.9%, while rents in nearby suburban areas are, on average, up 1.6%. The Nashville suburbs with the fastest-growing rents are Murfreesboro (+4%) and Hendersonville (+2%).