NASHVILLE, TN (WSMV) - Greater Nashville home sales are up 12.6% over last year. When it comes to how much they sell for, that number is growing, too. Average home prices are costing almost 14% more than this time last year.
The reason: low supply versus big demand.
Jeff Checko, a Relocation Director with RE/MAX, says even during the COVID-19 pandemic, realtors are still seeing strong buyer interest in Nashville and the surrounding areas. "If it's priced reasonably, it has multiple offers by the time it gets through the first weekend and maybe even sooner," Checko said.
Nashville ranks third in the U.S. for fastest-selling homes. In our city, homes sell for an average of 21 days. That's 17 days faster than the national average of 38.
Something else realtors see more of is an influx of out-of-town buyers.
"It's always been an inbound destination and a place that sees population growth," says Checko about Nashville's hot housing market among out-of-state buyers. "But I've gotta tell ya, it's been ratcheted up to a level I would have never expected. Listings that I have that are a million dollars and up, 8 out of 10 people that come to see these listings are from out of state."
If you're thinking of selling your home soon, experts say don't wait.
"I think a great bit of advice for potential sellers is don't follow the trend of waiting until after the holidays," Checko said. "We've got an inventory shortage right now. Rather than join the herd of people who are gonna list after the new year or into the spring, if you put your product out there now, you'll be amazed at the activity you can get."
With inventory in Nashville down more than 30%, sellers see homes selling quicker and sometimes for more than the asking price.