Home values have risen dramatically over the last twelve months. The Tennessean reported that home prices in Nashville saw a 12.5% increase last year (for the Nashville metro area), the third-highest home price appreciation in the nation. In CoreLogic’s most recent Home Price Index Report, they revealed that national home prices have increased by 6.7% year-over-year. From metro Nashville to suburban Smyrna, anyone with a home in TN might ask: “How much is it worth now?”
CoreLogic broke down appreciation even further into four price ranges, giving us a more detailed view than if we had simply looked at the year-over-year increases in national median home price.
The chart below shows the four price ranges from the report, as well as each one’s year-over-year growth from February 2017 to February 2018 (the latest data available).
It is important to pay attention to how prices are changing in your neighborhood. The ZIP code of your home is not the only factor that determines how much your home has appreciated over the course of the last year. Size, age, style, and other factors all come into play.
Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.
Bottom Line
If you are planning to list your home for sale in today’s market, let’s get together to go over exactly what’s going on in your neighborhood and your price range.
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Aaron Lovett is a full-service Realtor in Smyrna, TN. His service area includes Smyrna, Murfreesboro, the remainder of Rutherford county and surrounding areas, including Nashville and Davidson county. He cares for the needs of sellers, buyers, and investors. Aaron has lived in the area for over a decade. He takes pride in helping home buyers and sellers reach their real estate goals.
