NASHVILLE, Tenn. (WTVF) — The Nashville housing market is on the rise, and we are taking a closer look at your home's value.
According to Zillow’s latest market report, the buying demand has increased home value appreciation to new highs last month.
“Both of these hot markets saw extreme price appreciation in a relatively short period of time. But that’s where the similarities end,” said Zillow Senior Economist Jeff Tucker.
For perspective, the Zillow report said that in Nashville, the typical home is now worth $320,818, which is up 11%, or $31,898, over last April and 1.3% since March. That report also says houses are staying on the market five days before going under contract, and 27% of houses in February were sold over their listing price.
Additionally, Zillow said typical rents are $1,623, which is up 4.2% year-over-year ($66) and 1.9% since March.
Those interested in selling will actually be joining a big group in Nashville – a RE/MAX national housing report shows that houses up for sale in our city jumped up 31% over last year.
The RE/MAX national housing report says the average house sells in 15 days, and that home prices are up nearly 15% compared to last year.