August Proves to be Another Strong Real Estate Month in Nashville
The real estate boom in Nashville is showing no signs of stopping. August was another impressive month with sales increasing from this time last year. Music City condominiums even set their own record in August.
According to theTennessean, more than 3,500 houses swapped owners in August in Nashville. That’s nearly a four percent increase from the previous year and that’s the best August on record in over a decade. Condos also set a record last month, recording the highest average price ever at $207,061.
"As a whole, the first-time buyer price range, which includes many condominiums, is particularly sparse in terms of inventory, so the rise in median price is understandable," Scott Troxel, the president of Greater Nashville Realtors, explains to the Tennessean.
The Nashville market’s inventory of single-family homes is still tight and, according to the article, in August they spent an average of less than 30 days on the market. They’re going fast! Troxel hopes new buildings can help the city meet this high demand.
"We look expectantly to the building of new units and current owners listing their properties as a way to alleviate some of the strain many first-time buyers are experiencing in the market.”
Whether you’re in the market for a single-family unit or something else, Synergy Realty Network agents are prepared to help you.