Real estate topping the charts in Music City

Charts are used for all types of things in Middle Tennessee. Most notably, as we are Music City, U.S.A., charts are used to measure the hottest songs in country music. These days, though, another industry is breaking records with its own string of No. 1s — the real estate industry. 

For several months now, Greater Nashville Realtors has reported some remarkable market statistics. Month after month we are reporting to consumers another milestone our market has hit. 

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Since January journalists David Plazas and George Walker IV have examined how pro-growth policies have prepared Nashville for prosperity, but it has been paired with growing inequality in their “Costs of Growth and Change in Nashville” series.
Wochit

Last week, Greater Nashville Realtors released market data for the month of June and the second quarter of the year. It should come as no surprise that our region is once again ahead of the previous year, including a couple of new chart toppers. 

Closings for the month of June were up 0.4 percent over last year. While some may think this is an indication of our market slowing down, it’s not. Buyer demand is still very high in our market. Unfortunately, we don’t have the supply of available properties to keep up with the number of potential buyers. The market is simply flattening out, representing the levels of supply and demand in our area. 

In June, the median price for a single-family home was $293,753. That price tops the real estate chart as the highest median price on record for the region. Increases in home values stem from several factors including a thriving economy, growing consumer confidence and quality of living. These are all conditions the Nashville area benefits from, which is good news for homeowner equity. Those things aside, the disparity in supply and demand is a strong factor to rising home prices, not just in Middle Tennessee but across the entire country. 

Our second industry chart topper came with the statistics for the second quarter. In May, our housing market posted the best month of May on record for home sales. May’s numbers, combined with strong sales in April and May, brought about the strongest second quarter performance on record for our market. Second quarter sales were over 11,000. These numbers put us well on track for exceeding the annual home sales record of more than 40,000 closings. 

Living in a chart-topping city has many advantages, but when it comes to the housing market it can also be very challenging. Consult with the professionals who best know how to navigate the market, Realtors, for the best real estate experience. 

Scott Troxel is president of Greater Nashville Realtors. A Realtor is a member of the National Association of Realtors who subscribes to its strict code of ethics. Contact him at 615-294-2975 or scott@scotttroxel.com.


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