Recent reports from the Greater Nashville Association of Realtors has revealed that “Middle Tennessee home sales dropped 6.7 percent in September compared to the same period a year ago,” according to the October 8, 2009 article in the Nashville Business Journal by Jenny Burns. The analysts for the association claim “the median price for a single-family home fell 5 percent to $160,000 from $168,900 last year. The median price for condos fell 4 percent to $142,500 from $148,500 this year.”
Nashville real estate has therefore suffered some losses but can look forward to a better future market. In fact, the article claims that “there have been about 2,000 closings per month for the past several months and, while we did not quite make it to that level, we are certainly in that range again in September. Also, the fact that pending sales remain above 2,000 confirms that the pipeline for future closings is also consistent.” This comes as good news for people with Nashville homes for sale who are trying to sell their properties at the highest possible price. However, this also comes as an open opportunity for more potential home buyers to enter the market as prices are still relatively low and the value of homes quite high. However, with the tax credit deadline looming large, several analysts believe these figures might not be so hopeful once the winter season settles in. While year-to-date closings are down 22 percent compared to the previous year, there is still hope for a recovery in the next few years that will stem the decline of prices and mark a revitalization of this struggling industry.
Real estate in Nashville will not suffer the same fate as real estate in several other similarly sized cities, according to CNNMoney.com and Money Magazine’s 2009 Real Estate Forecast. The numbers indicate a drop of just 5.2 percent from the peak of the market to the bottom, and just a 1.4 percent decrease through March 2010. This leaves homeowners confident and hopeful that their properties will maintain their current median home price of $159,000 through the economic crisis currently affected countries and markets around the world.
