NASHVILLE, Tenn. (WKRN) – The Middle Tennessee real estate market does it again – maintaining one record and beating another. Music City is holding its rank as number one in the U.S for fastest-selling homes as active listings reach a historic low.
There’s just something about Music City; tons of people in, not as many want out.
According to the latest Re/MAX National Housing Report, Nashville’s active housing inventory reached a historic low in November with only 5,056 listings available on the market, the lowest level recorded by RE/MAX.
Nashville continues to hold its rank as No. 1 for fastest-selling homes in the U.S. The average Nashville home now sells in 12 days, 40% faster than one year ago.
“It’s becoming clear we are shielded from what’s going on in terms of the cycle of real estate in other parts of the country and it’s a positive thing, but it’s not helping inventory that’s for sure,” said Jeff Checko, Director of Relocation at RE/MAX Advantage. “There are people that don’t want growth, they want things to stay the way they were – you’re in the wrong city for that.”
Nashville’s median home-sale price also fell slightly in November after a record-setting October when it surpassed the $400k mark for the first time at $405,000. The current median home sale price in Nashville is $399,900.
Additional takeaways for Nashville from the latest report include:
- Home sales are up 7% over last year.
- Home sale prices are up nearly 18% over last year.
- Months supply of housing inventory is at 1.4 months supply – six months is considered a balanced market
Checko admitted the lack of inventory and high price points are unsettling, but said it shows people are interested in Middle Tennessee.
“The more people we bring the more they spend in our local marketplace and stimulate economy,” Checko said. “These people that are running on slow growth or anti-growth platforms these people need to understand there’s a direct relationship between having these companies come in and then having housing that’s adequate for them. The only way to do that is to entitle projects in a responsible way and support them with infrastructure meaning roads, schools, etc.”
Checko added the probability of short-term rates going up is greater than ever, meaning borrowers need to act quickly to secure a historically low rate.