11:55am

Fri March 22, 2013
Business

Mid-State Realtors Report Growing Sales, Rising Home Prices

MURFREESBORO, Tenn. (WMOT) --  It’s looking more and more like Middle Tennessee’s housing market has turned the corner.

Candy Joyce is with the Middle Tennessee Association of Realtors.

“The phones are ringing, people are buying, investment properties are moving and folks are ready to get back in the market again.”

Joyce says that in Rutherford County the average home sales price has jumped $6,000 in the past year to more than $163,000. She also says the average time a home stays on the market is falling.

Joyce notes that historically low interest rates are helping. She says the loan market has eased some, but it can still take buyers with less than stellar credit scores a while to get financing.

“If you are marginal it’s going to take a little longer and a little bit more documentation, perhaps a little bit more time.”

Joyce says buyers still have the upper hand, but sellers are in an increasingly strong position as the inventory of existing homes fall.