Home prices in the Nashville area continue to rise with the median price of homes sold in October up to $277,642, an increase of 6.4% over the same period in 2016.
- the average days on market for homes sold was only 28 days
- the median price of Nashville homes sold was $277,642 compared to $260,000 the previous October
- the absorption rate of homes based on October sales and current inventory is only 2 months
- The median price of Nashville condos increased 11,8% in last to $208,000
- The absorption rate of condos in Nashville based on October sales and the current inventory is less than 2 months
Nashville real estate is in a very active sellers market with inventory levels shrinking on a monthly basis, driving up the prices of homes and condos to record prices. With the shortage of available lots and the growth in the area, I expect this trend to continue for several years.
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