Raise your hand if you know someone who’s moving to Nashville?
Nashville came in 9th of the top cities to which people were moving in 2020.
So as you can imagine…selling a home in Nashville is a lot easier than buying a home in Nashville with all that competition.
The Nashville real estate market is hot and the prices are rising like the temperatures in summer.
If you want to know the details of what’s going on with real estate in Nashville, stick with us as we explain key real estate market trends in Nashville and predictions for 2021 and beyond that all home buyers and sellers need to know.
High Demand, Low Inventory
Nashville has seen a major population growth that began around ten or so years ago. Home construction has not kept up with the explosion in population leading to a decline in inventory.
A healthy housing market has a six-month supply of homes. As of August 2021, Nashville had only a month’s supply of homes making the market very tight and keeping prices high.
Experts expect that this housing shortage will continue through the remainder of 2021. This is great news for sellers, but not so much for the influx of buyers coming from places like New York, California, and Washington.
The average sales price of Nashville area homes is up 21.6% since last year for an average sales price of $400,000. The median sales price is $420,000. You can expect to pay $243 per square foot up 26.6% since 2020.
Sellers can expect to get at least 2% above the asking price and have their homes go to pending status in approximately 28 days.
If you need to sell quickly, sell your house with this site. Get a fair cash offer on your home in Nashville or the surrounding area and close in less than two weeks.
Forecast for Nashville Real Estate
The real estate market will continue to grow and home prices will steadily increase into 2022. Housing prices are predicted to rise another 14.9%. The laws of supply and demand are at work here. With so many new residents coming in, the demand for homes is high while the supply remains low.
Whereas many metro areas in the U.S. have seen an increase in new listings, that’s not the case in the Nashville metro area. For this reason, the market will continue to be very competitive over the next year. This applies to both rentals and purchases.
Real Estate in Nashville
Are you planning a move or looking for some investment property? Nashville has a unique personality and affordable housing that is attractive to people all across the country. That’s the reason why real estate in Nashville is so hot right now.
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