About Nashville Real Estate
Even in 2012 Nashville Tennessee is still a comparatively stable real estate market which is bucking the national trend. The Nashville real estate values are slowly growing at around 0-4% a year and in certain new subdivisions and communities the appreciation rate is much much higher.
All though the buyers market is still fairly strong the Nashville real estate market still shows signs of a steady growth. If you would like any of the sold data for a subdivision or area make sure you use the form below to contact us.
Supply of Homes Reduced
As the supply of homes has reduced in Nashville over the last three to four years of the "down" market, and the consumer confidence has grown, the addition of low interest rates has meant that the number of people interested in buying a home in Nashville has been on the rise. As with most "products" the most attractive homes, and well priced, tend to sell first. This has create some multiple offer situations which definitely helps to change the mindset of the buyer that loses out in the multiple offer situation. This means that when they go to make an offer an another home, they don't want to lose out again, so their offer tends to be stronger and this effectively helps to push up the real estate values in Nashville.
Recent statistics are showing a continued growth even though the appreciation rate has dropped as the market has shifted from the sellers market of the last 3 years to more of a buyers market. This does not mean that homes are being "given" away. Sellers in the current Nashville real estate market are seeing that the time on the market is being extended to more like 80 days as opposed to 20-40 days in the recent past.
Growth of Nashville
The growth in Nashville Tennessee has been steady and consistent and as a result the values of homes in Nashville have held unlike many other real estate markets that have seen a plunge in home values. However, the decline in real estate values across the United States is now being reflected in Nashville with home values reverting back to around the 2006 values.
Home buyers that are looking to move to Nashville from places like Florida are seeing that the sellers here are not under the same pressure to sell, and significantly reduce their asking, price but sellers are becoming more and more motivated to sell to take advantage of the deals to be had when they buy.
Luxury Home Sales
The expansion of Nashvilles economy has led to the growing number of estate homes in the upscale communities surrounding Nashville, Brentwood and Franklin as well as the traditional "old money" markets concentrated in areas around Belle Meade and streets such as Richland and Tyne Blvd. These areas have homes typically that attract the executives and successful business owners. They range in list price from about $1.5M to well over $7.0M
No State Income Tax
The no income tax status for residents of Tennessee has greatly added to the appeal of Nashville. Click HERE for more info about income tax.