Home sweet… housing market boom? Our original plan for today’s conversation was to roundup a list of homes $350,000 or less in the Greater Nashville area. That is until we realized that wasn’t the story.
A quick Zillow search Wednesday of homes that have at least one bed + one bath within that price range brought up just 64 agent listings and eight for-sale-by-owners or homes under foreclosure.
The National Housing report from real estate company Re/Max found the median cost for a home reached $410,000 in December — shattering Nashville’s previous October record of $405,000 + increasing by 23.5% from the year before.
What does this mean for the market overall? Nashville’s housing market is worth $267 billion, according to a recent Zillow study. Music City also takes home the No. 29 spot for most valuable metro in the country. The city has continued to be one of the fastest-selling home markets with the average home selling in 13 days — and boy do we believe that.
So, in what seems to be a seller’s market, how can buyers benefit? Steve Jolly with Greater Nashville Realtors suggests starting your search now so that you’re able to lock in anything that hits the market at a moment’s notice. Buyers should also find an experienced realtor with a track record + establish a relationship with a loan officer to get a pre-approval letter prior to touring homes.
Have a question about the housing market? Send us an email, and we’ll look into it. Our door is always open.