Nashville, Tennessee Real Estate MarketPosted by Gary Ashton: RE/MAX on Tuesday, July 24th, 2012 at 8:35am.
Currently, in the Nashville, Tennessee real estate market, the average price per square foot is $123, this is 7% higher than the average pricing on square footage last year. Between March 12th and May 12th of this year, the median sales price for homes was $154,000. This median was measure out of 1,369 sales, and was up 1.3% or #2,000 from a year ago. The total number of homes sold, though, was down a whopping 18.7%.
Right now, there are 3,955 homes on the market including both resale and new homes. 91 of these homes for sale are currently being shown in open houses, and 680 of them are going through one of the many foreclosure stages.
For the week that ended on June 13th, the average listing price for homes listed on the market in Nashville, Tennessee is $326,356, which is up 3.1% or $9,730 from the prior week. For the more popular neighborhoods in Nashville of West Mead and Inglewood, the average listing prices were $192,002 and $535,041 respectively.
While the average sales prices of homes in Nashville are going up, one does have to keep in mind that the number of sales has dropped dramatically, especially in the area of lower value homes. In neighborhoods such as Edge Of Lake and Caldwell Court Condos, the number of sales has taken a nose dive. There are still homes on the market from the not-so-expensive neighborhoods like the previously mentioned ones, so lose with lower budgets should not be discouraged from searching for a new home on Nashville. Those with higher budgets need not worry either, as there are plenty of houses for sale in higher priced areas such as Northern Inglewood and Whites Bend. Now is really the time to buy, though, before prices skyrocket any further.
The Ashton Real Estate Group of RE/MAX Elite
The #1 RE/MAX Team in Tennessee and #25 in the USA
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