Last Thursday’s Tennessean had an interesting cover story. "Home Prices Weaken in June – Nashville Feels Less Pain Than Other Markets."
The bad news? The median single-family home price has dropped in some of Nashville’s outer lying counties.
Robertson County – Down 7.2%.
Williamson County – Down 2.7%.
Maury County – Down 4.5%.
The good news?
Davidson County – Up 1.5%.
So what does this mean? The median home price has decreased in areas that have been overbuilt. The article in the Tennessean states that "much of the price-cutting that has occurred has been from homebuilders, who are under pressure to reduce inventory." What this data shows is that the urban market is still strong. The allure of the community being created in the urban core is winning out over suburban sprawl.
Even more encouraging is that for the first time, the median price for a condo is higher than the median price of a single-family home. According to the article, "The average condo unit sold for $185,500 last month, a 19% increase over a year ago." This data reflects the strength of the condo market in Nashville’s urban neighborhoods. With gas prices and energy costs continuing to rise, people are seeking a lifestyle that not only simplifies their life but also reduces their carbon footprint.
The bottom line? Don’t be led astray by what the local media is touting as a down market. The facts are the facts. City living in Nashville’s urban market is going strong.