The rapid pace of home sales in Middle Tennessee is continuing to keep prices high — a median of $280,000 in September. Outlying counties have seen some of the biggest bumps, according to quarterly figures from the Greater Nashville Realtors.
In Murfreesboro, Billy Douglas, who works at Nissan's plant in Smyrna, bought a house last year that he's fixed up and is selling for $350,000 — which is in line with other homes selling in the neighborhood.
"We feel like the work and investment we've put into the property coupled with today's market, the way things are right now, warrants a little higher price," he says.
The median price for homes sold in Rutherford County over the last three months was up to nearly $240,000. Wilson County is approaching a median of $300,000 — which is slightly higher than even Davidson County's $287,000.
Prices aren't increasing quite as much in Williamson County. But in raw dollars, the area has the highest median home sale prices — by far — at $465,000. In fact, realtors have been talking this year about how affordable housing has become a primary concern.
Realtors say the entire metro area is on pace to have a record year with more than 40,000 closings. That number hasn't been hit since 2006, before the housing bubble burst. Sales in September were the highest on record.
“Yes, overall home sales are slowing down, as is typical for this time of year," says GNR president Scott Troxel. "But the September success sends a strong message about the importance and attractiveness of homeownership.”