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Median Nashville Home Sale Reaches $250,000

Posted at 5:42 PM, May 10, 2016
and last updated 2016-05-10 21:11:26-04

It's no surprise that Nashville home sales are hot, but new numbers released this week have caused some to wonder if Middle Tennessee could be on the verge of a housing bubble.

According to the Greater Nashville Association of Realtors, home sales increased more than 11 percent in April, compared to one year earlier.

At the same time, the median sale price in Nashville has crossed over $250,000.

And perhaps the most significant statistic -- the number of closings last month is now more than the record that Nashville set during the last housing bubble.

Realtors say it's common for home buyers now to have only hours to make a decision on a home, before an offer is made by someone else.

“That can lead to buyer remorse, which can lead to expectation management, of asking, ‘Did I make the right decision?’” said Christie Wilson of the Wilson Group.

For sellers, if the home is priced right, realtors say it’s common to have five or even 10 offers on a home.
One realtor said she even heard of 19 offers for one property recently.

So the big question: are we in a housing bubble that could burst soon?

Christie Wilson with the Wilson Group says she thinks while prices have gone up, they haven't done so recklessly, so if there is some stabilization in home prices, there won't be a crash like last time.

Still she says, home buyers right now need to be prepared.