The Nashville Real Estate Market is booming – hot even. An Auction.com 2015 Spring Report** stated that Nashville, TN was the 3rd hottest market for single family housing. An expanding local economy and a population growth rate of double the national average have lead to the rise in home sales and an increase in demand resulting in an increase in home prices.
According to the Greater Nashville Associations of Realtors’ (GNAR*) President, “Inventory is increasing as predicted, but not at the rate that can keep up with demand,” said Cindy Stanton. “The demand on the limited inventory has prompted buyers to get a head start on the spring buying and selling season, setting us up for a busy summer.” The Nashville Market needs inventory – this is a good time to sell!
In April 2014*, there were 2,767 closings – fast forward one year and there has been a 6.3% increase with 2,940 closings in April 2015.
Cindy Stanton explains that more buyers are entering the market because of low interest rates, surging growth in Nashville, and a ‘confidence in the job market’ – she gives the example of the General Mills expansion announcement.
With regards to interest rates, Stanton states that “While it is possible they may rise by the end of the year, the increase would likely be minor as the lower rates have so positively boosted the housing industry.”*
So is the Nashville Real Estate Market too hot to handle? Here at Nashville on the Market we say “Get in while it is hot”!!
Contact us if you are looking to buy or sell in the Greater Nashville area at 615-310-8861 or info@nashvilleonthemarket.com
