While the volume of home sales in the Greater Nashville Area is down, home values are remaining consistent. The median sales price of single family homes in 2008 according to GNAR has ranged from a low of $168,000 (Feb '08) to a high of $189,975 (May '08). August's numbers showed a median sales price of $177,500. These types of fluctuations are a normal part of the annual real estate cycle.
Areas of the Nashville market continue to show growth and rising prices. Williamson County is seeing positive growth as WCAR reported the August 2008 Median Sales Price of single family homes to be $385,000. That's up almost 5% from August of 2007 and up 4% from August 2006 when it was $370,000.
Having said all of that, Sellers must realize that there are in fact fewer Buyers able to make home purchases at this time. September has had a number of events effecting the housing market and we'll see the statistical results of those events as they are released.
Wednesday, October 1, 2008
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