The numbers are in from October and I wanted to give you an overview of the market so far this fall. We’re past the presidential election, which almost always throws a kink into the market.
In Davidson County, we actually had about a 3% decrease in home sales with about 1,460 sales. Prices, on the other hand, went up 15% with an average price of $298,000 over last October. It’s pretty surprising to see this price nearly top the $300,000 average we saw earlier this year. You have to consider all the high-end sales we saw this year, though. For example, there was a sale at the 1212 Building, a luxury condo development that sold for nearly $2 million, which pulls the average up.
Year to date, sales are up 1% across Davidson County. The average home prices are also up 1% year to date. Antioch once again saw the highest volume of sales with 179 sales and an average price of $185,000. Oak Hill had the highest average sales price at $650,000.
Personally, I’m really optimistic for the Nashville market forecast. We’ve had a ton of job growth in our region thanks to Under Armour, Lyft, and a few other companies, even though many of these companies aren’t directly in Nashville. We’ve definitely still got the “it city” status and we’re seeing 80 to 90 people move here per day. I don’t think we’ll continue to see the 10% year over year home value growth that we’ve seen the last three years, though. Our appreciation rates will probably stabilize.
Realtors like me with our boots on the ground are seeing fewer multiple offer situations. However, properties that come on the market with the right price and are in the right condition tend to still tend to sell almost immediately.
All in all, our market should stay strong despite the election. If you have any questions about the Nashville market or you’re curious about a specific area, give me a call or send me an email. I’m always happy to help!