More than 3,000 homes were sold in the Nashville area in August, making the fourth straight month at that pace. It’s a streak not seen since mid-2007.
The average time on the market is down to 67 days. But in some parts of town, properties are going much faster. On a Friday, Kara Graves put a for sale sign in the front yard of her Nolensville home. She had two full-price offers and a contract by Sunday.
“I thought, this could take two weeks, four weeks. I wasn’t thinking two days from now I’m going to be packing up my stuff,” she says. “But it’s a good problem to have.”
Sales were up 18 percent from August of 2012 and home prices also continue to climb over the prior year. The median price of a single family home is at $194,000, compared to $175,000 last year. Condos are up $20,000 to $167,000.
Realtors have praised the consistent monthly gains. But they have begun warning about managing growth.
“Addressing key local and regional issues like transit and public education will be necessary if we want to continue enjoying the benefits of being a vibrant, attractive location,” Greater Nashville Association of Realtors president Price Lechleiter said in a statement.