The Nashville-area housing market has put together three consecutive months of gains. The Greater Nashville Association of Realtors says closings were up nearly 17 percent in September and 20 percent for the quarter.
The encouraging sales figures do come with a downside. Homes are selling for about five percent less than this time last year with a median price of $163,000.
But realtors like Gary Oakes with Crye Leike say they’re busier than they’ve been in a year. Still, Oakes isn’t expecting a return to the heady days of 2005. While buyers can get a deal on a new place, they may have to take a hit when the sell their old home.
“If you go out and buy a house now, you might want to expect to be in that house five to seven years, I believe. That’s just me. Because we’re not going back to what we were.”
If anything is getting buyers off the sideline, it’s the historically low interest rates. Oakes says those who buy now will be bragging to their friends in a couple of years.
The Greater Nashville Association of Realtors is optimistic a recovery could be underway. The sale of land was up considerably during the quarter, which often indicates coming development. And pending sales at the end of September were up for the fourth straight month.
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