September 2, 2008
Nashville housing market cited for stable growth
There are definitely advantages to being a strong and growing, but stable, community:
Information out this afternoon in the Fiserv Case-Shiller Home Price Indexes uses Nashville’s home market as an example of a bright spot in a national market that has seen average prices fall by some 14 percent. Contributing to our market’s relative resilience, the study claims, are the comparative affordability of Nashville homes and our job market, which has outpaced national growth figures in the last three years. Nashville’s median home price has remained fairly steady at $156,000 over the last year. And while that figure is well below the national average of $196,000, Nashvillians on the whole pay a smaller portion of their household income on monthly mortgage payments.
It’s easy to envy the booms in places such as Arizona, Florida, Nevada and California, but it’s nice to avoid the steep declines that often follow.
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