While Nashville home prices have been steadily increasing for what feels like forever now, recently released numbers from the Greater Nashville REALTORS now show the median price for a single-family home in the area just made its biggest jump ever.
What’s being labeled as the largest annual leap in history of Nashville real estate, the median price for a single-family home in Nashville reached $294,000 back in June, which represents a jaw-dropping $34,000 surge compared to June 2016.
According to the same data from the Greater Nashville REALTORS, housing supply in Nashville has also dropped 10 percent compares to this same time last year, which combined with more and more people moving to the area are easily the two biggest factors in the recent median price jump.
As for overall sales in June, Nashville saw a total of 3,887 closings last month, which is broken down as follows: 3,263 residential sales; 418 condominium sales; 18 multi-family sales; and 188 farm/land/lot sales.
At the close of the moth, supply dropped to just 5,859 residential properties, and 3,914 sales were still pending. As for how quickly homes are selling, the numbers show properties are only sitting on the market for 25 days.