Nashville Housing Market is taking off with home values soaring by over 7% in the last 12 months. Nashville home values bottomed out in October of 2011 when they dropped to $133,000 price average, but since 2011 the values have risen an amazing 7% or $143,000 price average. The historic home values peaked in August of 2007 when they reached $154,000 which means today average values are only off a little over 7% from those historic highs! Also, the average list prices of homes on the market are up over 11% in the last 12 months, pushed up by a bidding war and strong buying activity.
Homes Values are up the last 12 months for Oak Hill over 8.5%, Brentwood over 7%, Belle Meade over 6%, Lakewood over 6%.
Knoxville Home Prices are up!
Knoxville Home Prices were up close to 4% in the last 13 months when compared to the bottom that was reached in February of 2012. According to Zillow.com, Knoxville home values hit a low of 103,000 in February 2012 due to the pop of the great bubble, but in just over a year, the market has climbed back to almost 4% or $107,000 by the end of March. Appreciation rate of anything over 3 % per year is considered excellent. Knoxville home prices hit a historic high in November of 2009 when it reached $114,000, but by the end of March 2013, the values are only off 6% from that historic high.
Monthly rental prices peeked in July of 2011 at $830 but since that peak, they have dropped over 15%, indicating a move from temporary housing to a more permanent home buying opportunity.
Farragut area has seen a little more volatility in its values since hitting its lows 2011, but in the last 12 months their values have soared to a little over 7%. Not surprisingly, the average list price of homes have increased almost 10% in the last month, and sales prices overall are up over 5% since January.
These are great signs, but it gets even better for Tennessee.
Areas around Tennessee with MIG offices:
Selected areas around Tennessee with MIG offices:
Cookeville home values are up over 7% in the last year.
Johnson City home values have risen over 7% in the last year.