You’ve heard this one before: Nashville area home sales reached a new record last month. According to local real estate agents, the median price for a single-family home in the Nashville area hit $279,000 in May.
Greater Nashville Realtors says closings were up more than 6 percent, and prices for a single-family home were up nearly 8 percent compared to last year. This means homes are getting snapped up fast.
Lisa Miller, an agent with Parks Realty in Nashville, calls it “the frenzy of the market.”
But while sales are up, the number of homes on the market is still quite low, down 11 percent from this time last year. Miller says this means it’s tough for buyers to find any home, let alone their dream home.
“To try to find things for buyers is the biggest challenge, of course,” Miller says.
The regional real estate association says big developments like Ikea coming to Nashville, as well as the attention the city is getting from the Predators' place in the Stanley Cup Final, will only keep the city attractive to a wider market.