Nashville housing market hits historic high in 2019

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Posted at 4:30 PM, Jan 08, 2020
and last updated 2020-01-08 20:52:53-05

NASHVILLE, Tenn. (WTVF) — New numbers from the Greater Nashville Realtors show that home sales were up 7% in 2019, which also came as home sale prices continued to increase in Middle Tennessee.

Whether it's the for sale signs or the new builds popping up around town, it's obvious that Nashville is continuing to grow and realtors see it more than anyone else.

“I started my real estate career in 2016 and every single year after that I’ve seen higher house prices, lower inventory, and a lot more new construction, because this Nashville market has grown tremendously," Stephen Delahoussaye, a realtor with Compass, said, adding that while he shows homes all around the Nashville area certain neighborhoods are more popular than others. “I would say the hottest neighborhood right now is The Nations.”

Delahoussaye showed his client Tony Gulley a home in The Nations when he was moving to Nashville from Raleigh, and luckily, it worked out.

“We moved pretty quickly on it because there was a lot of people looking at the house at the time," Gulley explained. "We were excited so we wanted to move pretty quickly, so we made that offer and we got accepted the same day.”

For some homes, making a quick offer on a home is necessary due to how competitive the market is, but that competitiveness has been rewarding in the form of building equity as home values increase.

“Couldn’t be happier that we bought it last year and have already seen the growth," Gulley said.

And while Davidson County has seen a large portion of the growth, other surrounding counties have also seen plenty of growth and increases in median home sale prices.

The most affordable county in Middle Tennessee was Dickson County in 2019 at a $219,000 median home sale price, which is still about a $10,000 increase over 2018.

The most expensive County, Williamson, had a median home sale price of $534,292 in 2019, a nearly $35,000 increase over 2018.

Kristy Hairston, president of the Greater Nashville Realtors, said there are many factors that have attributed to the increase in both home sales and median home sale price.

“We’re seeing obviously great unemployment rates, we’re seeing legislative things that have happened specifically for residential real estate like our flood insurance. We’re also seeing that there are a number of benefits right now for job relocation coming in town," Hairston explained. "We’re seeing more density in certain areas, so a lot of varying opportunities for people whether they want a single family, a condo, multi-family, we really have a diversity of real estate that’s available right now.”

While past sales don't determine future sales, many realtors say signs point to home sales continuing to increase in the coming years, and for home values continuing to rise.