In recent times, the Nashville housing market has been the subject of much discussion. It's an ever-evolving landscape with numbers and trends changing month-to-month. Join us as we dive deep into the latest statistics and even venture out to explore what a median-priced home in the city looks like.
Nashville's Housing Market By The Numbers
Latest figures from the Greater Nashville Realtors have thrown up some interesting insights:
Median Sales Price: The median sales price for single-family homes in July was $580,000. This is a notable 5.5% increase from the same month the previous year.
Sales Volume: This July saw a 13% decrease in the number of single-family homes sold compared to the previous July.
Inventory: The number of listings was down by 7% compared to the previous year.
A Close Look at A Median-Priced Home in Nashville
Just to give you an idea, we recently came across a house priced at $560,000 in Englewood, East Nashville. This three-bedroom, two-bathroom property, representative of the median home price, boasts genuine hardwood floors and a renovated kitchen. One of its standout features is a finished basement – a rarity in East Nashville. With separate entry and an additional bathroom, it's perfectly primed for Airbnb, given the right codes and permissions.
The Current Buying Sentiment
The current market situation is unique. A report indicated that 82% of consumers feel it's not an ideal time to buy a house. The significant players in the housing market right now are either those compelled to move or those who can bear the expense. The interest rates currently stand at 7%, which doesn’t sit well with consumers. But remember, reduced interest rates can trigger a buying frenzy.
Key Market Metrics & Nashville's Growth
According to the Nashville Chamber of Commerce, among the 52 largest US metros, Nashville ranks:
4th in job growth since April 2020, adding 110,000 jobs.
Top 10 for GDP growth, population growth, and per capita income.
In 2022 alone, Nashville welcomed an average of 98 new residents daily, with a net increase of about 35,000 people in its population.
In Conclusion
The Nashville housing market is bustling with opportunities and challenges alike. If you're thinking of relocating to Nashville or already live here and are considering buying or selling a property, I'm here to help. Drop your queries below or reach out to me at justin@justinfloydhomes.com. Stay tuned for more updates, and until then, take care!
Note: Always remember, figures and trends in the real estate market can shift rapidly. It's essential to stay updated and make decisions based on the most recent and reliable data.