Home sales in the Nashville area are bouncing back to pre-recession levels. April reached a high not seen since August of 2007.
Closings have been running roughly 25 percent ahead of last year, and April was right on track – 27 percent – with nearly 2,800 deals.
One realtor used the word “madhouse” to describe activity in areas like East Nashville.
“The first day [our home] went on the market, there was a showing every hour,” says Rachel Spears, who sold her historic East Nashville home in April. “It was crazy.”
Spears says she did lower the price in order to start getting serious offers, but only because she had started out high.
Cory Martin fielded multiple offers for his three-bedroom in Franklin, which he sold for 10 percent more than the purchase price in 2007.
“We had an offer by the end of the first day it was on the market,” he says.
But the pace of sales is a mixed bag.
Abby Grainger finally unloaded her home in Murfreesboro, eventually taking $5,000 less than she owed on the mortgage.
“It sucks,” she says. “But I needed rid of the house. So we just bit the bullet and took what we could get for it.”
Still, on average, prices have also climbed back into 2007 territory, $185,000 for a single-family home. That’s $20,000 more than this time last year.
The Greater Nashville Association of Realtors says there is a growing concern about low inventory stalling out the market recovery. President Price Lechleiter says sellers seem to be waiting until they feel like there is potential for a good return before putting their home up for sale.
Have you bought or sold a home in the Nashville area this spring? Write about your experience in the comment section.