When It Comes To Houses, Nashville’s Still A Seller’s Market

With sales moving so quickly, Carr says buyers can’t count on being able to negotiate. Instead, he advises they give their best offer right away. Credit: National Association of Realtors

Home sales in the Nashville area continue to outpace last year’s figures. There were nearly 16 percent more September closings than in the same month last year, even though fewer homes were for sale.

Realtor Stephen Carr says that means competition for what houses are on the market remains tight. In certain neighborhoods, it can be a mad scramble just to schedule time for buyers to take a look.

“I’ve had a few situations where I get there and there are two other agents there with their clients. It sure makes for an awkward situation.”

Carr says he warns buyers they’ll almost certainly lose out on at least a few houses they try to buy. And that’s part of the reason why inventory remains low. Because finding a new home can take much longer than selling one, people needing to do both can be discouraged to the point that they just stay out of the market entirely.

There are places where sales are slower. For instance, Carr says it’s still hard to sell an existing home if any new construction is nearby.

The overall pace of improvement is a little slower than in recent months, but year-to-date sales are still 22% higher than at this time last year. The amount of money changing hands is higher, too. The median price for a single family home is $195,660, compared to $175,000 in September 2012.