The price of condos in the Nashville area hit a record high in August at a median of $207,000. The jump comes as first-time home buyers get priced out of single family homes.
"As a whole, the first-time buyer price range, which includes many condominiums, is particularly sparse in terms of inventory, so the rise in median price is understandable," says Scott Troxel, who heads the Greater Nashville Realtors. "We look expectantly to the building of new units and current owners listing their properties as a way to alleviate some of the strain many first-time buyers are experiencing in the market.”
When radio host Sam Alex and his wife decided to sell their 2-bedroom, 2-bathroom condo in West Meade, they saw that price jump first hand.
"My wife and I decided to sell it by owner," Alex says. "So just put it on Zillow, Trulia and Redfin on a Thursday. And then, six days later it was totally closed and good to go.
Alex won't say exactly what he sold the condo for. He accepted an all cash offer for nearly 50 percent more than he bought it for three-and-a-half years ago.
As for single family homes, prices tracked by realtors have dipped for the second month in a row, but they're still near record highs at a median of $285,000.
In all, there were 3,883 closings, representing a 3.8 percent increase over August of 2016.