NASHVILLE, Tenn. (WTVF) — Home values and rent in Metro Nashville have continued to rise for the month of June, according to Zillow.
The online real estate marketplace said the median rent hit $1,536 per month in the area, which has risen for the ninth-straight month. This number is up 3.1 percent from one year ago. The median rent in the area is slightly higher than the national average rent, which sits at $1,483 a month.
Zillow said home values and inventory are also rising in the area. Compared to last year, home values rose 4.4 percent, making the median home now worth $255,550.
There is a significant rise in the number of homes listed on the market compared to June 2018. Zillow found 1,374 more homes listed, a 13 percent increase compared to the previous year's inventory. This number is especially significant compared to the rest of the country, which saw a decline in for-sale inventory.
Overall, the Metro Nashville area is seeing a higher growth rate in all housing categories compared to the U.S. averages.