Real Estate Fluctuation In Nashville

omnirealty

September 15, 2023

Nashville real estate sales are always rising and falling no matter what day or month it is. Lately though, the price per unit and demand for housing has gone up because of the rising population. Tennessee is not known for booming real estate all the time but a few cities have been poking through the last couple of years; the greater Nashville area, Franklin, and Murfreesboro. According to Norada and doorloop, Nashville, the largest of these, has seen an increase of buyers coming from places such as California, New York, and Seattle. One of the main reasons for this is the fact that Nashville is in one of seven states that doesn’t have an income tax. Home demand has been going up steadily the last few years, which means the price per unit is following. However, as of July 31, 2023, the median price of a property was at approximately $435,000 which is a 2.2% decrease from this time last year, so there appears to be some cooling. According to Zillow though, looking at the rise in population and buyers coming in from around the country now, you could possibly start seeing an increase again anywhere from 5-8% in the next year.