Nashville-area home sales in November took their steepest dive since the peak of the housing boom. Figures out today from the Greater Nashville Association of Realtors show a 45% decline from November of 2007.
GNAR President Mandy Wachtler says the housing bust has taken longer to get to Nashville than other cities. But it’s here now.
“Finally the national news has caught up to us, and we are lacking consumer confidence.”
The drop in home sale closings has also impacted sale prices. The median price of a residential home was $165,000 in November. That’s down from nearly $180,000 last year. The median condo price has dropped even more, sliding $17,000 over the period. While the drop in values is significant, it pales compared to places that saw huge housing bubbles. Wachtler says this could mean Nashville may not hit the same lows found in cities that experienced more rapid growth.
On Air - 90.3 WPLN-FM