Charted: How Nashville home prices skyrocketed over time
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Nashville home prices stayed steady during the summer months, as we told you last week, but the long-term trend is much different.
Why it matters: Home prices have skyrocketed over the last five years. It's a vivid illustration of how the city's affordable housing crisis developed in real time.
By the numbers: The median home in the Nashville area sold for $301,400 in July 2019, according to data collected by Redfin.
- Five years later, that figure had jumped by more than 53%, to $462,500.
The big picture: While mortgage rates have ticked down, high home prices and low inventory continue to sideline many shoppers nationwide.
Reality check: Realtor.com chief economist Danielle Hale tells Axios she isn't expecting rates to dip below 6% this year, even though the Federal Reserve has previewed further cuts.