Bid $30,000 Over Asking Price, And You Still May Lose Out On A Nashville Home

Home buyers report that houses are moving so fast, those that are on the market in Nashville for more than a few days often have some sort of problem. Credit: The-Tim via Flickr

The average length of time it takes to sell a home in the Nashville area is down to 70 days. It’s a pace not seen since October 2007.

In some parts of Nashville, it’s become a sellers market.

“Sometimes you have to make an offer on the biggest purchase of your life after looking at it for 10 or 15 minutes,” says minister Eric Livingston. “You have to be quick.”

Livingston just moved from Mississippi for a new job and finally closed on a house in Nolensville after a four-month search. He and his wife were outbid on half a dozen homes in Williamson County, even after offering $30,000 above the asking price in one case.

The Greater Nashville Association of Realtors says closings in July were up more than 22 percent over last year. That marks two full years of month-to-month growth.

“This region is experiencing sustainable growth in the real estate market,” GNAR president Price Lechleiter said in a statement. “Positive economic news for Greater Nashville is attracting more people here, and seems to be building confidence in those already here, so there is more willingness to commit to the purchase of a home.”

The median price for July was at $204,000 for a single family home and $181,000 for a condo. Prices have been on the rise as inventory drops.

There is now just a four month inventory of homes on the market, according to GNAR. But Lechleiter says it would be “reasonable to expect inventory to grow now that prices have increased.