Nashville’s real estate market may be more active than ever, but currently the city’s home sales are flat, according to new data from the Greater Nashville Association of Realtors.
The lackluster sales for the last few months might be tied more to low inventory than to reluctant buyers. According to realtors, the city’s residential inventory is down by seven percent from this time last year.
Sarah Linares experienced the shortage of options first hand. She sold her 1,400-square foot East Nashville bungalow in August for $350,000 after just three days on the market.
Within 24 hours, she and her husband put an offer on a house on the south side of the city, worried that they might be without a home if they didn’t act fast. So she had to be less picky.
“We were having a hard time finding things that fit our criteria,” she says. “And there wasn’t a lot available anyway.”
While the quarter’s year-over-year home sales declined slightly, GNAR president Denise Creswell says buyers and sellers are still looking, and the fact that they are, despite the tight inventory, shows the market remains strong.