After years of ups and downs, Nashville-area realtors say they’re seeing an important characteristic that’s been missing in the local housing market – sustainability. The Greater Nashville Association of Realtors says closings for the month of August were up by 27 percent.
There were roughly 2,600 closings for the month, making it the most active four-month period since 2007.
Home prices have not had quite the same rebound. A single-family home was up from this time last year but still well shy of all-time highs, with the median price at $175,000. And median condo prices were actually down more than $4,000 from last year.
Jessica Turner and her family just sold their condo near Percy Warner Park after a year on the market.
“We kind of got to a point where we were like, ‘ok, we’re just going to cut our losses and go as low as we need to, to get out of here,’ so that’s what we ended up doing.”
Turner bought a home in Bellevue and says she was surprised how fast things were moving. GNAR figures show just a 5-month inventory of single-family homes on the market.
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