The Nashville Housing Market
Nashville has been growing at an exponential rate over the last few years. Between the large music industry, healthcare community and startups, many people are flocking here by the hundreds every single day. recent surveys show that 85 people move to Nashville every day. What does this do to the housing market?
The median price for a home in Nashville, TN is $219,900 and the prices have gone up by 13.6%. That means if you bought a house at $200k last year, you could easily sell it for $227k. Now, different areas will have different growth patterns and some areas might even see a loss. Check out the map!
This map shows that the darker blue areas have more growth than the lighter blue. The darker the red, you are sitting in a loss over the last 12 months. Private message me your address and I can show you what your home or investment looks like.
What does the current trend look like over the next few years? I am not fortune teller but it buyers are still buying homes and are at sellers mercy. Sellers are able to price their home $5,000, maybe even $10,000 more than a similar house that sold just 6 months ago. Buyers are trying to get into the equity they have seen building over the last few years and are willing to pay that price. At some point, buyers will stop buying when sellers are just asking too much for their home. Inventory will start to sit a little longer to where the pendulum shifts back to where the buyers and sellers have the same negotiating power. Unfortunately, for buyers, this shift probably will not be happening for another two, maybe three years.
Nashville is a great city with a lot of growth in its future. Even at the prices that people are paying now, it is still a low compared to many larger cities in the United States.