The median price of a home sold in the Nashville area has crossed $200,000 for the first time ever. The Greater Nashville Association of Realtors says the previous high was set in June of 2007.
According to GNAR’s monthly statistics, the median price for a single family home sold in June was nearly $206,000 – a full $10,000 more than the previous record set before the recession.
The spike in prices is a result of demand, which continues to increase each month by 20 percent or more. The supply of homes for sale is down to four months.
“Increasing sales during the summer season is typical, but the number of closings would likely be even higher if more quality inventory were available,” GNAR president Price Lechleiter said.
Sellers are fielding multiple offers and – at times – getting more than their asking price. Myka Bertrand bought in the Inglewood community of Nashville and says quality homes were gone before she could get there.
“We had several houses on our list that by the time I got them to my real estate agent to go look at them, contracts had already been started on them,” she said.
While single-family homes are breaking records, condos haven’t kept up. In fact, prices fell slightly compared to last June, with a median of $159,000.