An article published in the Tennessean early this month discussed the sustained momentum of Tennessee’s hot housing market. Below we’ve summarized some highlights, and taken a look at Nashville’s housing market.
In the first two quarters of 2021 increases in home values in Tennessee set consecutive records not only in the state, but across the nation. According to CoreLogic, a provider of housing market data and analytics, the average price of a house in the state soared 21 percent in July since the same time last year. The increase, the likes of which economists at CoreLogic say they haven’t seen since the ’70s, reflects the rise in housing demand and the shortfall in supply.
Home prices in the state increased at a pace faster than that of the nation this year, which itself had a historic gain of 17.4 percent year-over-year in the second quarter, according to the Federal Housing Finance Agency.
In May, the average price of a single-family home in Middle Tennessee reached as high as $400,000. The most expensive homes were located in the urban center, according to Greater Nashville Realtors. After reaching an average of $415,000 in June the increases began to level-off.
A Closer Look at the Nashville Housing Market
Taking a closer look at the housing market in Nashville, the Music City is one of the country’s top cities for fastest-selling homes. With many properties selling in under 10 days, home sales in Nashville show no signs of slowing down.
Real estate experts usually consider a market to be balanced if there’s a six-month supply of homes. However, housing inventory in Tennessee’s capital city has been below the six-month mark for quite a while. With barely more than a month’s supply of home inventory, there’s never been a shortage of this degree, say experts.
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