Monday, April 10, 2017

Who could have predicted this?

Housing prices are climbing in Nashville, while supply dwindles.
As the supply of homes declined, the listing price climbed — especially in the trade-up and premium markets. The median listing price of trade-up homes rose 52 percent to $221,597 between early 2012 and 2017, while Trulia's data also showed the price of premium homes rose 44 percent to $437,967. Meanwhile, the median listing price for starter homes increased 36 percent to $108,783.

Supply is limited by strict zoning laws that make it difficult for supply to increase.  Since Nashville is getting about 80 new residents/day, the only thing that can adjust is price.

HT:  Campbell

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