Housing prices soar — again

Driven by unprecedented demand, local home prices continue to skyrocket. The median cost of a single-family home in the greater Nashville area was $446,175 in February.

• That's a jump of more than $89,000 year-over-year from 2021, according to new data from Greater Nashville Realtors.

Why it matters: The pricing surge illustrates the rising pressure on buyers navigating the increasingly competitive market.

• "It's the strongest market Nashville has ever seen in terms of demand," Greater Nashville Realtors president Steve Jolly tells Axios. "It makes it really difficult for buyers."

State of play: There were 2,924 home closings in the region last month, about even with February 2021.

• The key factor driving prices up, Jolly says, is the continued influx of new companies moving to Nashville and drawing talent from other, more expensive cities.

Between the lines: Jolly says he worries growing prices will dissuade locals from considering homeownership.

• "They're getting understandably frustrated with the market, and they're deciding to sit on the sidelines," Jolly says of some would-be buyers.

Zoom out: Nashville's housing market has been on the upswing for years.

• "Our supply has actually increased significantly since 2018," Jolly says. "Demand is just outpacing it."