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After Years Of Surging, Nashville Homes Prices Start To Plateau

Home sales have been less chaotic since interest rates started going up. But housing prices are still high, and the cost of borrowing is increasing.
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Nashville-area home prices have cooled significantly. New data compiled by local real estate agents show prices are still going up, but only by a fraction of what they were in previous years.

There was a time in Nashville when the median price for a single-family home was skyrocketing. Last year at this time, it was up by $30,000 compared to 2017. The year before that, it was up by more than $20,000.

In fact, over the last five years, the February sale price of a home has increased an average of $25,000 every year.

But in 2019, that surge has turned into more of a trickle. According to local real estate agents, the median home price in February was $294,000 – about $5,000 more than this time last year.

Meanwhile, the number of homes sold was up slightly, about 3 percent compared to last February, and that’s because there are more homes up for sale.

Filed Under: WPLN News

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Meribah Knight, Senior Reporter/Producer of Special Projects

Meribah Knight is a senior reporter and producer at Nashville Public Radio. She’s the host and creator of the Peabody Award-winning podcast, The Promise as well as Serial’s recent podcast The Kids of Rutherford County.

Her reporting on race and inequality in public schools prompted a wholesale shift in enrollment and attitudes toward school choice in one Nashville neighborhood. And her reporting on the juvenile justice system in Rutherford County, Tenn., led to the retirement of its juvenile judge and new oversight of its juvenile detention center.

Knight has received numerous national awards for her reporting, including the George Foster Peabody Award and the George Polk Award. Knight was also a finalist for the Pulitzer Prize, the Goldsmith Award, and twice a finalist for a National Magazine Award. Knight received her master’s degree in journalism from Northwestern University.

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