NASHVILLE, Tenn. (WKRN) — Music City is once again making headlines for its fast-selling homes, ranking second in the nation, according to the latest RE/MAX National Housing Report which found the average Nashville home now sells in just 11 days.
Though this month’s supply of housing inventory is down nearly 50% from last year, the market seems to finally be trending in the right direction.
According to Zillow, inventory rose nationally by more than three percent for the second straight month across the U.S., bringing additional listings to a desperate housing market.
Here locally, supply and demand are finally evening out after months of the two trending in the opposite direction. Brian Copeland, President of Greater Nashville Realtors, said it was the perfect storm for an inventory crisis.
You’ll see in the graph provided by Greater Nashville Realtors, that both showings and inventory in Nashville took a dip during the week of the snowstorm, which was the third week in February. Housing stock stayed well below average for months creating a massive issue with supply. Meantime, demand was climbing on an upward trajectory.
The fury of the storm hit on Friday, April 24 when 5,219 showings occurred, the highest in documentable years, according to Greater Nashville Realtors. At the same time, new inventory hit a low, second only to the snowstorm week.
“That doesn’t mean its at an equilibrium were still in a sellers’ market but it does mean that there’s not as many buyers as we saw in April,” Copeland said.
Now, moving into the third week of July Robbie Drimmer with Compass Real Estate said we’re seeing an uptick in inventory.
“There’s slightly less competition in the housing market and interest rates just dropped down to another all-time historic low, so it’s a phenomenal time right now to buy,” Drimmer said.
It’s a great time, too, for sellers. The median home sale price is now $395,000, up 23.2% from last year and the highest price recorded by RE/MAX.
“If you’re looking to buy you may it be a little slower in the competition arena but don’t expect to pay less than full price and don’t expect to not see multiple offers they’re still here.”
Drimmer said, if you’re a buyer, act now.