Friday, October 10, 2008

Another Reason for Banging the Drum on Behalf of Single Family Homes in Salemtown

In times of economic decline, they lose value at a slower pace than lifestyle-oriented townhomes and condos:
Overall, 2,075 single-family homes, condos, multifamily buildings, farms and lots were sold in September, according to the Greater Nashville Association of Realtors.

That was the fewest closings for the month since 1998. But the decline was less sharp in single-family homes, which make up more than 80 percent of the real estate market. Sales of single-family homes dropped about 13 percent, to 1,761 closings.
The slower pace of sales appeared to push down prices.

The median price of a single-family home was $169,900, a 7 percent drop from a year ago. The median price of a condo was $148,500, down 9 percent from last September.
By building housing stocks balanced between SFHs and multi-"family" homes, urban neighborhoods won't fall as hard or as fast with the limping housing market.

UPDATE: Nashville mansions are still selling briskly. Feel better now? How's it trickling toward you?

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