The Nashville housing market has been booming for the past few years, and in 2017 we reached the third-highest home appreciation nationwide, with homes growing in value at 12.5 percent on average. Homes sold for a median price of close to $225,000, compared to $200,000 in 2016.
Why the growth? Nashville continues to be an “it” city, with people moving from higher-cost markets for better-paying jobs. To these buyers, our high prices are still considered a bargain, making them willing to pay more for a home than a local buyer.
In the fourth quarter of last year, homes sold for an average of 51 percent more than what the sellers originally paid, which is even more than the highest profits during the last housing boom. While experts do expect the appreciation to slow, they don’t anticipate a crash. That’s because our growth has driven by demand rather than loose lending standards.
Still, if you’ve been considering selling your home, now is the time, before the expected slowdown hits our market. Partnering with the right agent can help you get the best possible sales price for your home.
Curious how much your home is worth? Tools like Zillow and Trulia can be off by as much as 12 percent, while a full comparative market analysis on your home can give you a much better picture of total home value. Get a free home valuation, then find a Benchmark agent near you.