New numbers show that Nashville’s housing market is on fire. Nashville now ranks #2 in the Fastest-Selling Homes in the U.S. The average house sits on the market for 12 days before it gets sold. This proves how the housing market is hot in the region. In May 2021, the average number of days a house sits on the market before being sold is 28 days.
With the influx of out-of-town buyers moving to Nashville, local real estate agents are busier than ever, getting people the homes they want causing an inventory problem in the region. Compared to 2020, home prices had a 20% increase and a median price of $380,000 compared to 2020.
Bidding wars are still going strong along with some sight-unseen offers. Buyers are doing various ways to win homes such as waiving inspection or even writing letters to sellers to get them apart from the competition. However, this act of sending letters is argued to go against the Fair Housing Act. Realtors still remind their homebuyers to not include family photos or family characteristics that can be determined as being biased towards race, sex, or danger.
Local real estate agents don’t see the hot housing market slowing down anytime soon. If you are thinking of buying or selling a home in Nashville, it’s important to have a local real estate agent familiar with areas and neighborhoods around Nashville.
Do you have questions about Nashville –Middle Tennessee real estate or are you considering buying or selling in the area? Give me a call at (615) 930-0313 or schedule a call and send me a message here!