by TJ AndersonEach year, the Coldwell Banker Global Luxury program prepares “The Report,” a “comprehensive guide to high-end property buying and selling.” They dig deep into luxury home-sale
The Outlook on Luxury Home Sales in Nashville and Beyond
While I’m passionate about selling and showing houses across all price points, it’s been great to see that luxury home sales are back up as the real estate market gets back to its feet.
All signs point to grander homes making a comeback. See recent articles from The Wall Street Journal reporting that the rise in home resales indicates a stronger market and that an upturn in home building is giving a boost to luxury home builders. From San Francisco to New York City, the trend endures. The New York Times ponders the surge in super-priced real estate (think a $90 million apartment), saying that buyers are more likely to shell out big bucks on houses that double as works of art, thanks to their architectural or historic significance.
Here in Nashville, the “luxury home” starts at about $400,000 and applies to anything that price or higher. And our home sales are experiencing an uptick, too. In July Nashville area home sales increased by 27.4 percent, meaning that 2,574 homes were sold. And the price of the average home sold is up to $181,250, compared to $179,900 a year ago.
Greater Nashville Association of Realtors President Kendra Cooke reports that, "The July homes sales increase reflects the sustained strengthening being experienced in Greater Nashville market this year. The Greater Nashville region is fortunate to be experiencing continued improvement in home sales. The more diverse and stable employment environment here, compared with other parts of the country, is making a major difference in the regional economic recovery overall, and is certainly helping in home sales."
I, for one, am so happy to see home sales in Music City looking so sweet again.
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TJ Anderson is a Nashville Realtor with Benchmark Realty who's helped countless clients both buy a home and sell a home in Nashville, Tennessee. He blogs about Nashville regularly, from Nashville-area....
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