Nashville housing market shows steady improvement in first quarter of 2012
The number of available of homes for sale in Nashville is shrinking, but this may be a sign that property values could soon be on the rise throughout the city.
The Greater Nashville Association of Realtors reports that home sales increased 17 percent in March 2012. This follows a 25 percent increase in property acquisitions in January 2012, and a 33 percent uptick one month later. Additionally, closings rose during the quarter as buyers closed on 4,855 homes, up 24.2 percent from the 3,908 finalized deals during the first quarter of 2011.
Nashville properties are becoming an attractive option to home buyers looking to settle into a city that features some of the nation's top businesses in healthcare and manufacturing, and comfortable weather year-round.
"The encouraging trends in home sales for Greater Nashville this year continued in March with the number of home closings increasing more than 17 percent from this time last year, and with more than 2,200 pending sales for the month," GNAR President Kendra Cooke said. "The increase in the residential median price is also a welcome sign. Our expectation is that the positive trends will continue as we move into the spring and summer months."
Cooke notes the local housing market could get better as the year progresses.
"Though there are still significant economic challenges, it is clear that the Greater Nashville and Middle Tennessee real estate market is stabilizing and strengthening," she said.
The number of interested buyers in Nashville real estate has risen over the last year, and banks are providing options to help you finance a home in the Volunteer State.
For instance, you could receive interest rates between 2 and 4 percent on adjustable- and fixed-rate mortgages. These loans give you the chance to acquire property with a low down payment and manageable monthly expenses. Financial experts will work with you to explore your financing options as you make your purchase.
Many people are reviewing their financing options, which is reflected in the decrease in inventory in the area. The total Nashville real estate inventory has fallen from 21,647 units in March 2011 to 18,984 properties in March 2012. The availability of low interest rates combined with the rising interest in the city makes 2012 an ideal time to buy a home in Nashville.