What's Up with Nashville Prices?
Let's talk about a Housing Update for 2021 and find out what is going on with prices in Nashville.
You are not going to believe your eyes when we get to pricing in a minute, so hang in there.
Last week, we finished up a series for home sellers, and you can find all seven episodes at the Moving To Nash YouTube Channel. You should check it out.
Let’s get to business with the Nashville Housing Market Update for 2021.
Sales for Greater Nashville are increasing as expected this time of year and are at about half of the peak sales months in mid-summer.
Expect this trend to continue.
The median price is $348,000 for Greater Nashville and it takes 84 days on average from the time you list a property for sale until it closes.
But…not for all of them.
New Listings overall are on a decline. When you break it down by county, Nashville’s Davidson County is the only area holding steady. Everywhere else, it is in decline with Williamson County leading the pack.
We got a small bump in new listings after the first of the year. Expect more to be released in the coming months as many folks wait until the spring and summer to make their move.
Inventory is still my biggest concern for the Nashville Housing Market. Too few homes for sale coupled with record demand is the driving force behind prices.
The number of showings are at peak-season levels already. The first week of March buyers scheduled more than 12,000 showings with the Showingtime service in Greater Nashville. That’s more than any one-week period last year and the season is just getting started.
One more key indicator before we get to prices and that’s homes that went under contract or sometimes called pending.
As expected, this is increasing. And at the same rate as new listings. It was a trend that I noted almost all of last year.
That tells us homes are going under contract as soon as they hit the market. And in many cases, before they are listed. It’s a ceiling that we won’t breakthrough until the homebuilders can keep up with the pace of demand.
Let’s talk prices.
The word on the street is that this market is crazy. That is partly true and here’s why.
In Davidson and Williamson Counties, over the last 30 days, 17 homes have sold for $100,000 or more over list price. And most of those in the last two weeks.
It’s a problem that is getting worse in certain neighborhoods where few homes are hitting the market.
Keep in mind that most sold homes were negotiated at least 30 days in the past, and we won’t see what’s happening right now for several weeks.
The top dog in the last 30 days was $300k over list price. Yes, I said $300,000. This home was located in 12S and sold for just over $2 million.
Other big hitters:
Green Hills: $150,000 over list
Forest Hills: $150,000 over list
Brentwood: $205,000 over list
Franklin: $154,000 over list price.
And…it’s going to get worse as we get into the busy season.
The problem with the average agent is they have trouble pricing homes when times are normal. Most are just lost in this kind of housing market when it comes to the right price.
They simply don’t have the skills or experience to crunch the data and provide you with good, actionable advice.
If you don’t get the best advice on pricing, this is what you can expect.
1. Paying more than you need to for a home.
2. Wasting your time by not offering enough to be successful as a buyer.
3. Listing your home below the true market value as a seller and not capturing every dollar you deserve.
Here’s the good news. Not every neighborhood is this crazy. Two-Thirds of the homes sold over the last 30 days closed at list price or less.
So…If you are thinking about making a move, it’s imperative that you have someone on your team who understands the market and knows how to help you win when it comes to pricing.
You can call or text me at 615.257.9996. Gretchen and I are here for you.
Here’s what one of our client’s Vicki, recently said about us.
"Have bought and sold 8 homes, in 5 states, and with Steve's direction and guidance, this was BY FAR the BEST experience ever!"
Next week, we are going to start a series for buyers in Nashville. Stay tuned
Have an amazing week. Peace & Love You all.
~ Steve Jolly