The COVID-19 pandemic has turned many industries upside down. The real estate market, however, continues to move up – especially in Nashville. With record low interest rates and limited market supply, now is both a great time to buy and sell in Middle Tennessee.
In an effort to determine the best local real estate markets in the United States, WalletHub analyzed 300 cities across 24 key indicators, including median home-price appreciation, job growth and more.
Nashville earned an overall ranking of 4 (real estate market rank of 3), and clocked in at #2 – right between #1 Seattle and #3 Austin – for overall ranking of large cities.
Murfreesboro earned an overall ranking of 6 (real estate market rank of 11), as well as a special designation as the 4th best city for “Affordability and Economic Environment.” Additionally, the ‘boro earned the #1 overall ranking position among small cities.
The Nashville Real Estate Market | Fall 2020
Whether you’re thinking about buying or selling, here’s what else you need to know:
- $335,000 median sale price (+8.4% since last year)
- Average sales price of $190 per square foot (+5.6% since last year)
- Average 40 days on market
- Average home sells for 1.1% under list price
Despite “Safer-at-Home” orders being in effect for 43% of the weeks of Q2, the Greater Nashville real estate market saw 8% more listings, a 17% increase of homes sold, and a days-on-market reduction of nine days, according to a recent study. Median price sold also increased.
Should I Buy or Sell in Nashville?
While there is no crystal ball to tell precisely what the future holds, we do know that inventory remains tight, prices are on the rise, and interest rates are likely to remain low. The demand for housing in Nashville is steady, especially as many individuals and families relocate from the Northeast and West Coast.
The question Warren Bradley Partners asks is: are you ready to make a move? If the answer is yes, or even if you’re just curious, call Warren Bradley Partners to find out what makes the group, with its 30+ years experience, the best option for so many homeowners in Middle Tennessee.