Posted: Oct 27, 2010 5:20 PM CDT
NASHVILLE, Tenn. - While still down, Middle Tennessee's real estate market fared better than larger cities during the recession.
According to the Case-Shiller home price index, home prices are back where they were in 2003 nationwide and over the last year, home values in 20 of the country's largest cities grew 1.7%.
The bad news is that in 15 of those 20 cities, prices dropped between July and August of this year.
In Nashville that's not necessarily true, according to local realtors like Becky Meagher with Crye-Leike.
"Ours has been much more [in the] middle of the road," Meagher explained.
"If you look in areas like Las Vegas, they have had tremendous growth up and then down," she continued.
In Middle Tennessee, according to Meagher, home values are dependent on where the house is located as values are better in some areas over others.
"[Vanderbilt University] drives people to that area, no matter what the economy, you're going to have Vanderbilt and Music Row and people still want to be there," Meagher said, adding if you're in the market to buy a home, now is a great time.
"The rates are the best in 40 years," she said.
Crye-Leike's office in Green Hills will host a first time homebuyer's seminar on November 9 to educate people on everything you need to know before buying a home.
The educational seminar begins at 5:30 p.m. and is free to attend.
Nashville real estates fares better than most - WKRN News 2 (Nashville)
October 28, 2010