NASHVILLE, Tenn. - The price of Nashville condo's reached a record high in August at a median cost of $207,000. Experts said the increase can partially be attributed to single family home trends.
"People think they can come here and buy a house for $200,000 or $250,000, but it's very challenging," said real estate agent Thomas Rassas with Pilkerton Realtors.
Single family home prices have dipped for the last two months, but median prices still sit at $285,000, which is often unaffordable for first time buyers. And in a competitive market, homes under the median price often sell in hours.
"You don’t really have time to think about it," Rassas said. "I know it’s a big purchase but if you’re interested in the property and it’s the majority of what you’re looking for in a home, it’s best to write up a contract and go for it."
Rassas said he expects the market to correct itself sometime, though it's impossible to predict exactly when that will happen. For now, he said new buyers may need to sacrifice some wish list items.
"They are going to have to possibly sacrifice a few of their items they originally wanted such as a garage or a bigger lot or a bonus room in order to be in a home or a condo instead of renting," he said.