Categories: Business NewsNewsReal Estate & PropertiesTransport

Nashville Home Sales Surge with 14.2% Increase

A city view of Nashville highlighting homes and commercial properties

News Summary

Nashville’s housing market experienced a significant boost in December 2024, with home sales rising by 14.2%. This surge marks the biggest jump for the year, with median home prices reaching $459,900. Inventory levels are up by 24%, providing potential buyers with more options as they navigate the market. As mortgage rates fluctuate, experts predict increased buyer activity this spring. Additionally, St. John Properties has opened a new office in Nashville, intending to develop ambitious commercial projects, further stimulating the local economy.

Nashville Home Sales Burst into the Spotlight with a Whopping 14.2% Increase!

In a spectacular turn of events, home sales in Nashville soared by an impressive 14.2% in December 2024, making it the biggest spike recorded for the entire year! This pulse of activity is sure to catch the attention of potential buyers and sellers alike, breathing new life into the local housing market.

Skyrocketing Prices and Quick Sales

For those keeping a close eye on the market, the median home sale price in Greater Nashville is now sitting pretty at $459,900. That’s quite a leap compared to the national median sales price of $427,000. The Nashville area has seen home prices increase by 3.4% year-over-year, reflecting a healthy demand that is keeping sellers smiling.

It’s not just the prices that are noteworthy; homes in Nashville are being snapped up faster than the national average. In fact, the typical home sale in Nashville takes just 43 days on the market, while across the nation, homes are lingering for about 54 days! This quick turnover is an encouraging sign for homeowners looking to sell and a slight thrill for eager buyers.

Inventory Levels on the Rise

housing inventory in Nashville has increased by a substantial 24% year-over-year. More homes mean more choices, which is a welcome shift for buyers! With more options on the table, individuals and families can take their time to find their perfect fit without feeling rushed.

What’s Next for Buyers?

mortgage rates will decline. However, there is a strong recommendation to not wait too long. If rates drop, it could spark a flurry of activity in the market, which might mean increased competition and potentially fewer bargains from sellers who may be inclined to hold firm on their asking prices.

New Business in Town: St. John Properties

Jonas Asner has been appointed as the regional partner and will be steering the ship for St. John Properties’ activities. The new office is located at 1033 Demonbreun St. at Gulch Crossing. Asner will be overseeing everything from property acquisitions and development to marketing, leasing, and property management.

Ambitious Plans for Development

St. John Properties is aiming to develop Class A multi-use commercial business parks in the Nashville area. With a goal to expand their portfolio to a staggering 40 million square feet of commercial property, the company is betting on Nashville’s robust fundamentals to sustain this impressive development momentum.