Builders increased activities in September, sending Housing Starts back up, by 7.0% over August. Starts for single-families are now up 8.6% the past year, as tight existing home inventories are driving buyers to new builds.
The Nashville housing market is somewhat competitive. Homes in Nashville receive 2 offers on average and sell in around 46 days. The median sale price of a home in Nashville was $460K last month, up 4.1% since last year. The median sale price per square foot in Nashville is $274, up 3.8% since last year.
People are still moving to Nashville, across the nation, 1% of homebuyers searched to move into Nashville from outside metros and over 77% of all sellers are staying in the Nashville area.
What are the Nashville real estate market predictions for 2023 and 2024? Property values across Nashville and Davidson County are expected to rise over the next twelve months. We have seen people move from big towns to suburbs throughout the country. Nashville too has seen an influx of buyers coming from larger markets like Seattle, New York, and California. Another factor in the increase in out-of-state homebuyers is that Tennessee is one of only seven states that does not impose an income tax and one of two that doesn’t collect tax on earned income.
This has multiplied the demand for housing. High demand and low inventory are causing home prices in Nashville to rise rapidly.
Today is still a great time to buy or sell a home in Middle Tn.