NASHVILLE, TN (WSMV) - Nashville is the place to be for many. Because of that, our local housing market continues to boom.
Nashville ranked No. 2 yet again for the fastest-selling homes in the country, according to Re/Max’s National Housing report.
According to that report, most homes in our area sell in about 11 days, and there’s no sign of that slowing down.
One of the main reasons behind the lightning-fast market is job growth. As a result, Nashville continues to see more companies relocating or putting their offices here.
Another reason: the pandemic. Re/Max Relocation Director Jeff Checko said people continue to flock here from California, Michigan, and the Northeast.
The median price for homes in the greater Nashville area is $395,000.
“The people that are driving the prices up are people that are able to pay the cash difference between what the appraisal is and what the contract price is,” Checko said. “A lot of people don’t necessarily have the reserves beyond the down payment to pay that spread. Once you get into these bidding wars and they’re going above asking, a lot of people would have to go, ‘OK, I’m out.’”
If you are thinking of moving, Checko said to know where you want to go, so you don’t have to rush out of your current home before finding a new place.
“Our inventory is just over a month right now on average, which is squarely a seller’s market. Hopefully, that’s going to be loosening up a little bit with people starting to get into school now,” Checko said. “It should lighten up demand just a little bit for those families that were trying to get settled before school starts.”