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Rent, home values continue to go up in Metro Nashville, report says

Nashville
Posted at 9:40 AM, Jul 23, 2019
and last updated 2019-07-23 11:17:51-04

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.