With inventory increasing over the summer months, many sellers have resorted to price reductions in Nashville, Tennessee.
The home of country music saw a 8.7 percent decrease in the number of closings for the second quarter of 2007. Year to date closings are down 6.2 percent.
Median home prices have risen from $181,000 to $196,000 in the last year, with an average days on market of 65.
The average sales price is reported significantly higher, however, at $305,620.
Notes one local expert, "If you're looking for a special property with a bit of land, trees, or other desirable characteristics, those go really fast ... typically within a matter of a few hours."
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