by TJ AndersonThis prediction from Dwell magazine, from late last year, just made its way into my Facebook feed: “Step Aside, Subway Tile — Penny Tile Is the New Classic.” Penny tile,
Nashville Real Estate Market Among Fastest Selling Homes In America
by TJ Anderson
Clicking through Southern Living this week, I came on this report on the fastest-selling homes in America, and how Nashville fits in — nestled at No. 5, sandwiched by two other culturally vibrant cities, Denver and Portland.
A study shows that the median days on the market for a home here in Nashville is 40, while the national median was about 60. (Actually, according to Greater Nashville Realtors, it was closer to 36 at the start of 2018.) That’s significant — and yes, pretty fast.
But let’s dig a little deeper. If you’re thinking about buying a home in Nashville, I don’t want you to let that “fastest-selling” designation scare you, because it doesn’t mean that a) every home in Nashville still goes off the market lightning-quick or that b) our real estate market is set to be forever frenzied.
The Nashville real estate market is busy, for sure, but a few notes that I think will put that basic data into more perspective:
Faster Nashville home sales tend to be at lower price points
This data is a little outdated, from last spring, but it’s consistent with the trend: Nashville home inventory has continued to be low (a month or two supply, when a healthy supply is closer to six), which is driving demand and driving up prices. But that’s particularly true of starter homes, listed near or below the Nashville median (which, as of last month, was about $290,000).
Because the supply is so low and competition is so fierce around that price point, homes go fast. That’s been the reality here in Nashville for years now.
When you move into a slightly higher price point, though, things can be more even-paced. Homes priced over $400,000, in my experience, usually leave a little more time for thinking. (Within reason — a historic Victorian in Lockeland Springs priced around there will probably still fly off the market.)
It also depends on neighborhood
Even if we just pick through data on TJAndersonHomes.com, it shows how neighborhoods like those stand out — East Nashville and Sylvan Park MLS listings have an almost 10 percent shorter stay on our site than the Davidson County average.
If you’re set on living in a neighborhood that’s particularly hot, this doesn’t mean it’s not doable. It just means you might need to be really proactive, and creative. (Having an experienced, knowledgeable Nashville Realtor at the ready definitely helps here.)
If you're more open about location, now might be a good time to consider Nashville neighborhoods that are on the rise, and haven't peaked yet.
A few bits of food for thought:
Buena Vista is building and growing and still has exceptional bang for the buck — check out 2003A 10th Ave. N., for example: brand new, open and beautiful, listed at $339,000. (Its similarly beautiful sister, 2003B 19th Ave. N., is on the market at the same price too.)
Same goes for the areas around the Charlotte Corridor — as that business district grows, real estate all around it is becoming seriously attractive to buyers. But we’re still at a point where gorgeous new-construction homes can be found in the mid-$300Ks.
Pace can be seasonal, too
Nashville real estate — like most regions’ real estate markets — can tend to fluctuate seasonally. Things slow down in the winter, and pick up considerably in the spring. (This is part of why I often tell Nashville home buyers that househunting in the winter can be unexpectedly perfect — if you prefer slightly more leisurely shopping, it’s your season.)
Right now, we’re diving into the busy season, so we can expect inventory to pick up, and demand to pick up right alongside it. Things are still unbalanced on that front in Nashville, so we’re likely to see homes selling quicker through the spring. If that’s too much pressure for you, you might consider waiting until the fall. We’ll probably calm down some again, pace-wise.
Just make sure you also consider the fact that home prices are still expected to rise in Nashville in 2018. It’s all a balance, and however you approach shopping for a home, there are a lot of considerations to juggle, and some compromise involved.
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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