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.