Nashville’s real estate market continued to break records in March, with the median sales prices for homes sold reaching a high of $428,000. This is a new historic high price for the Nashville market, and is a 26% increase over sales prices in March of 2021.
During this time of increasing prices, homes in Greater Nashville continue to sell at the fastest rate in the country. Homes currently are on the market for just 14 days on average before going under contract. In April, homes in Greater Nashville were selling in just 16 days.
The fast rate of home sales is leading to ever-diminishing inventory of available homes for sale. The inventory of homes available for sale is down 41% over last year’s levels.
With all of these record-breaking stats for Nashville, you’d be surprised that March total home sales are actually down 4.2% over March 2021. Diminished inventory is affecting the total home sales levels much more than the higher prices – many homebuyers sitting on the sidelines can actually afford to still buy, they just can’t find something that fits their criteria.
We’re Proud to be Top Choice for Realtors
“We’re proud to be a top home inspector choice for Realtors throughout Greater Nashville,” said Benjamin Hammond, owner of Magnolia Home Inspections. “We are getting great intel on the real state of the area real estate market from agents that are having success closing deals for buyers down in the trenches.”
Lack of supply and price growth mean that homes that are for sale are getting hit by multiple offers very quickly, and sellers are enjoying the fruits of a hot housing market. Winning buyers and their Realtors are often the ones willing to pay a premium for the home with an offer that waives home inspection contingencies.
We’re honored to be featured in a podcast by Nashville Realtor Jacob Jones of MW Real Estate.
“Those without a home inspection contingency are now often bringing in a home inspector after closing to build a laundry list of repairs to take care of now & in the future.”
If market conditions have “forced” you to buy a home without the inspection contingency, you can schedule a home inspection using our easy online system. We also give you a free instant quote, in case you are still in the planning phase. The home inspection takes several hours and you should plan on attending. We’ll highlight and explain issues as we come across them, and will deliver a 30+ page interactive report with photos and explanations. Here is a sample home inspection report.
Nashville’s New Construction Market – Ripe for Defects
Other homebuyers frustrated with resale home inventory are buying new home construction. There has been a surge in the number of new homes that we have been doing inspections for since the start of the new year. A new home or new condo’s home inspection report is usually much longer and more comprehensive than the report for a home that has been lived in for 5 – 10 years. This blog post explains why you need a new construction home inspection or professional builder warranty home inspection in Nashville.
“The new construction home inspection is proving to be a vital resource for Realtors and their buyers that are choosing new homes. Nashville's high volume building conditions create the perfect landscape for new home defects.”
Top Home Inspectors for Greater Nashville
Area Realtors and their homebuyers have relied on Magnolia Home Inspections for inspections on over 3,000 area home purchase transactions. We have 20+ years of direct contracting and construction experience in addition to our home inspection experience, and it allows our team to dig deep in the inspection of the home you are purchasing (or have already purchased).
Our inspectors are here to give you peace of mind in your home purchase, so that you can buy with confidence.
Call us with questions or schedule an inspection now!
Benjamin Hammond has been in the construction industry for over 20 years and has personally completed over 3,000 home inspections in Nashville & Middle Tennessee.
His team at Magnolia Home Inspections, is a trusted local resource providing consulting services for new construction builders, remodel contractors and property managers today as well as residential home buyers.