Median cost of homes reaches all-time high in Nashville

Photo: WKRN

NASHVILLE, Tenn. (WKRN) – If you want to buy a house in Nashville, get ready to pay big bucks.

The median price of a house in Nashville has reached an all-time high, costing about $34,000 more this year compared to last.

News 2 spoke to some Nashville realtors who explained some of the challenges in the current housing market.

“[It’s] tight inventory, not very many houses for buyers to look at and pursue. A lot of homes will sell before they hit the market. So, that makes it even tougher for the buyer to find a property,” explained Greater Nashville Realtors President, Scott Troxel.

Realtor Nina Lampley listed an East Nashville home last week. She showed it this past weekend and already has two interested buyers.

Photo: WKRN

Lampley told News 2 that right now sellers have all the power in Nashville.

“I set a record for a large home over here. We sold a 2,900 square foot home with no garage, which is unheard of, to hit over $700,000 in that price point, so we hit $711,000 with multiple offers. We had four offers,” she said.

RELATED: Nashville’s housing market ranked No. 1 by Zillow

Mother of three, Heather Wood and her husband moved to East Nashville about four years ago from San Francisco.

She told News 2 they paid about $450,000 for their three bedroom, two bathroom house.

“Houses that are half this size that really need a lot of work are creeping up to be that price, too. Then you see others going for $6, $7, $800,000; not a ton of them, but then you go, ‘Wow, that’s how it would have been in San Francisco,’” said Wood.

Photo: WKRN

Realtors expect home prices to stay high for at least a couple more years.

“I think it will stable, it needs to,” Wood said. “Home prices are getting out of hand when you are seeing people make $100,000 in two years in some of their investments that they are making. If that continues, no one is going to be able to afford

Nashville. I think 2019 is where I see it stabling off.”

Right now a newly-listed house stays on the market an average of 25 days in Nashville.