Nashville’s Real Estate Market is as Hot as the Summer Temperatures
Summer is here and so are hot temperatures in Middle Tennessee. The temperatures aren’t the only thing that’s hot in Nashville, though. The real estate market is also pretty hot, with home sales up 3.4%, according to Nashville Business Journal.
Data from the Greater Nashville Realtors back these findings. This year in June there were 4,172 closings in the Nashville area compared to 4,036 this time last year. The Greater Nashville Realtors’ President, Andrew Terrell, attributes these numbers to mortgage rates.
“Falling mortgage rates are boosting customer confidence when it comes to buying and selling homes, which is evident in the 2.3% increase in sales year-to-date compared to 2018,” Terrell said in a recent press release.
Sales aren’t the only increase we’ve seen since 2018. Prices also rose, according to the NBJ. In 2018, the average price of a single-family sold in the month of June was $314,900. That’s compared to this June’s average of $319,990. The average price of a condo last year at this time was $221,850 compared to this year’s $231,689 average.
Now is the time to sell, if you’re considering it and the numbers prove that. Contact your Synergy Realty Network agent to get the process started.
Read more about June’s numbers here.