Nashville Homes Market Report May 2012 – The real estate market in Nashville is continuing to improve at a rapid pace, as sales of single family homes increased 28% in May compared to the same month last year. Inventory levels continue to shrink and buyers are taking more homes off the market and fewer sellers are wanting to sell. The inventory of Nashville homes fell from 14,210 to 12,028 in the last 12 months, a decrease of 15%. As with any market, the laws of short supply and high demand usually show up in price increases. Nashville homes median price for May was $179,000 compared to $165,900 last year, and increase of 8%. Some areas of Nashville are having multiple offers on homes again for the first time in 5 years, Green Hills, Brentwood, and Franklin are showing rapid turnover of attractive listings.
If you are interesting in buying a home in the Nashville area, make sure your buyers agent has the tools to provide you with instant notification of new listings, the good ones rarely last more than a few days before they get a good offer. One other point of interest is the buyers attitude is having to change, and it’s an adjustment that just doesn’t happen fast enough. Low ball offers don’t work today, and buyers need to understand that. If you find the house you really like, don’t take a change with an embarrassing offer, you may not get a second chance. Homes in Franklin are selling at an average of 98% of asking price, and some are selling above asking price. So make sure your buyers agent understands your needs before you lose the opportunity to own your dream home.
- 2048 Nashville homes sold in May of 2012 compared to 1595 last year in May, and increase of 28%
- 303 Nashville condos sold in May compared to 209 last year, and increase of 45%
- the median sales price for Nashville homes was $179,000 compared to $165,900 last year and increase of 8%
- the median sales price of Nashville condos was $160,000 compared to $143,000 an increase of 12%
- Year to date closings of Nashville real estate are up 25.5 percent and still increasing
In summary, Nashville real estate is really switched from a buyers market to a sellers market. Prices are increasing and inventory levels continue to shrink. With interest rates at historic lows, and inventory levels headed in the same direction, it’s more important than every to have a skilled professional on your side.
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If you are thinking about selling your Nashville home, use my market snapshot tool to show you what homes in your area are selling for. Unlike some other products, it uses MLS data instead of tax record information.
