Nashville has a thriving real estate market. This major metropolitan city has a relaxed atmosphere and offers practically any housing opportunity you could imagine. However, this spring is a stark contrast to the same time last year. Home prices are rising and the market belongs to sellers who are controlling the very small amount of inventory available right now. If you own a home in Nashville and are considering whether or not to sell, take into consideration our highlights of the market below in your research.
Moving Around in the Music City
Nashville is growing and with this growth comes people moving in, moving around and moving up. Several neighborhoods around town such as East Nashville are fantastic areas filled with movement of young couples moving in and out around town. The younger buyers are ready and waiting with the knowledge that prices are increasing, but the puzzle piece still missing is inventory.
The average cost of a single-family home in Nashville is increasing. There is such a variety of homes that choosing an average selling price could be misleading, but a large majority of the homes in the area range anywhere fro $100K to multi-million dollar homes scattered throughout the area. On average, prices nationwide rose almost 11 percent from this time last year. Buyers know that they will continue to rise and want to take advantage before they are out of reach.
The general increase in price overall has created a lucrative seller’s market as the real estate industry continues to recover. More professionals in the area are very optimistic about selling in Nashville, predicting that the spring market this year will be lively and thriving.
Last year, the real estate market in Nashville became much more stable. In 2013, more and more single-family homes entered the marketplace in hopes for a sale. While there was a brief buyer’s market, it is quickly becoming more balanced. This can give the seller the upper hand, provided they equip themselves with an agent that knows their area well and price their home wisely.
If you are still on the fence about deciding whether or not to sell this spring please take a look at our Definitive Guide to Selling Your Home. It includes thorough information on preparing your home, pricing and everything a sale will involve. Please do not hesitate to contact us with any questions, we are always ready to help!