Home prices in Nashville may be leveling out in 2018. A forecast by Realtor.com says that's because the number of homes for sale in the area is increasing.
Inventory in Nashville has been notoriously tight in recent years, driving up the price of homes. It’s basic supply and demand economics. But a new report predicts Nashville will be one the first cities to see the number of homes for sale increase in the coming year. In turn, that should help keep the prices from spiking. Other cities expected to see inventory recover first are Boston, Detroit, Kansas City and Philadelphia.
However, there is one, hefty caveat. The report predicts most of that growth will be for homes selling for more than $350,000. The number of starter homes, which has been particularly low, is expected to take longer to rebound. In large part, that's because the inventory has been so depleted for such a long time, due to first-time buyers snapping up properties while interest rates are low.
According to local realtors, the number of homes for sale in the Nashville area has increased 17 percent since January. And the median price for a single family home last month was $285,000.
Copyright 2017 WPLN News
