It’s the Perfect Storm for Selling or Buying a Home
Since middle Tennessee started recovering from the great recession in 2011, growth has continued at an exciting pace of 18 percent in 2013. Home sales are showing an increase of 9.4% compared with June of 2013 according to the latest sales date from the Greater Nashville Associate of Realtors.
GNAR President Hagan Stone said, “June finished with just over 16,000 properties on the market. Overall, that’s a five-month supply, which is just shy of the six months we’d like to see for a healthy market. In addition, the number of days homes were on the market decreased to 65 days from 73.”
This means that prices are increasing, making it a great market to sell or invest. In 2013 the median residential and condo prices for June were $205,950 and $159,000. The median residential price for a single-family home during June 2014 was $222,000, and for a condominium it was $171,250. Inventory is down by almost 700 units and continues as active listings under contract grow. Since prices have increased by about $20,000 over the past year homeowners may be encouraged to sell. In return this may help buyers since inventory has been low.
However despite these numbers, sellers should know that buyers will still be thorough and a sale can be lost if the property is not prepared well. Right now, all of Nashville is hot. If a house isn’t selling, the chances are good it’s overpriced or in need of serious maintenance.