Nashville Homes Sales for March 2011 ended with 1673 closing at a median price for single-family homes of $165,000 in March 2011 compared to $159,250 last March, an increase of 3.5 percent. Nashville condo prices for March 2011 were a median price of $143,000 compared to $137,450 in March 2010. Clearly the first time home buyers have been the ones most affected by the new mortgage rules requiring larger down payments. With low interest rates and still a good supply of homes, in some cases it's cheaper to buy a home than rent one, especially over the long term. Most experts agree that inflation will cause rent payments to rise dramatically in the next few years. The best protection for your budget is to own your own home.
- 1673 Nashville homes closed for the month of March
- the median price of Nashville homes sold was $165,000 A 3.5% increase over March of 2010
- the medium price for Nashville condos sold in March was $143,000 a 4 percent increas over the previous year
- The current inventory for Nashville homes is 13465 compared to 14836, a 10 percent reduction in available homes
- Inventory levels for Nashville condos are currently 2122 compared to 2614 ending march of 2010, a reducion of 18 percent
As you can see. the laws of supply and demand are still in force, with less inventory competition, prices are starting to rise. With most of the builders either out of business, or building a lot less spec homes, I expect a more balanced real estate market in the near future. Search for Nashville real estate here