Nashville market still heating up
The Nashville housing market is heating up for summer, continuing it’s steady rise over the past 3 years. This, according to a recent article from The Tennessean. At the beginning of the year, the median home sale price in Nashville was around $400,000. Just last month, the median sale price passed $450,000. Sales transactions are down almost 4% from last year, however housing inventory is up more than 12%. The cost of borrowing money is also going up with interest rates hitting over 5%, compared to under 3% just last Fall. One of the most impressive numbers is reflected in the average rent in Nashville, which is now at $1,788, up 18.9% over last year. The Nashville housing market remains strong, and believe it or not, is still a great deal compared to bigger metropolitan areas around the country. The Nashville area continues to be a smart choice for real estate investors. The experts at Omni would love to help you explore your options. Check out an overview of our real estate investment services HERE!