High-End Home Sales Increase, Real Estate Market Continues to Improve

The Nashville real estate market continues to improve despite concerns sales might drop off with the end of the federal home buyer’s tax credit in April. In particular, high-end Nashville homes are experiencing an increase in sales.

Sales of properties over $500,000 jumped from last year, with the year-to-date total improving by 24 percent. Lucy Smith, President of the Greater Nashville Association of Realtors, says the increases reflect growing confidence in the economy.

“There was some uneasiness for months and months about what the economy was going to do, and there’s a little bit more security being felt there so that people that were wanting to move up, maybe for a larger home because their family size is increasing, are feeling more confident and able to do it.”

Smith also says that more of the people moving to Nashville are buying more expensive homes.

Home sales in general have improved over the last eight months. While the increases appear to have happened in spite of last month’s flood, Smith says it may be too early to tell the effects of the disaster on the real estate market.