Nashville area home sales slowed last month, but prices hit a new record high. According to relators, the median price for a single family home in the Nashville area is $275,000, up by $25,000 since last year
And in areas like East Nashville, near Five Points, houses are going well above asking price. Michael Page, an interior designer, recently put his East Nashville bungalow on the market as part of a divorce settlement, listing it for $415,000 without a realtor.
"Once the listing went live on Zillow, it was less than two weeks before we had two full price offers," Page says.
The winning bid came $15,000 over the asking price.
Page says he’d love to stay in the house. But he can’t afford to buy out his ex’s share. They purchased it in 2001 for $129,000. Instead, he’s hoping to find a rental in the area. But as far as buying…
"Oh, I don’t think I’ll be able to afford to buy back into this neighborhood," Page says. "I’ve thought about looking for the next up-and-coming area, and there seem to be several of those around."
But inventory is tight all over the city. Down by 10 percent since this time last year. According to realtors, the pace of sales can’t be sustained without new homes going on the market.