More Nashville area homes were sold in 2011 than the year before, according to the Greater Nashville Association of Realtors, It’s the first time since 2006 that year-to-year numbers have gone up at all, but the rate of growth is less than two percent.
By the same token, the National Association of Home Builders just added Nashville to its list of improving markets, but that’s also based on indicators that show growth is happening in small steps.
That steady but small improvement doesn’t seem to bring the promise of prices bouncing back up to pre- recession levels.
Realtor Shirley Zeitlin says what she’s seeing is that homes will sell now—sometimes very quickly—just at lower prices. She doesn’t expect that will change any time soon.
“You know, we’re in a new environment and we just have adjusted our modus operandi to what the environment is now.”
At the end of 2007, before the downturn began, the median sales price for single-family homes in the area was almost $188,000. At the end of December, it was about $168,000.
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