Greater Nashville Buyers: Older But More Tech Savvy Than National Average

RISMEDIA, Jan. 29, 2007-Who's buying and selling homes in Middle Tennessee? The Greater Nashville Association of Realtors released a study Friday that indicates typical home buyers and sellers in the region are older but more high-tech than the rest of the nation.

GNAR commissioned the research through the National Association of Realtors, and the report includes demographics, housing characteristics and the experience of buyers and sellers in the local market.

"With more area homes bought and sold in 2006 than any other year in local history, it is the perfect time to evaluate the current trends of buyers and sellers in the Greater Nashville market," said GNAR President Richard Courtney. "The information was extremely interesting, such as the fact that Nashville home buyers use the Internet more in their home search than the rest of the nation. This information will be of great value to GNAR members – both managing broker and affiliate brokers – as they plan marketing approaches and build their businesses in this region."

GNAR's research showed 69% of recent home buyers used the Internet frequently to search for homes. That compares to the national average of 59%. In Nashville, the typical Internet searcher was 40 years old and visited a median of nine homes. The local home buyer that did not use the Internet to search for homes was 51 years old and saw a median of three homes.

Greater Nashville home buyers were also a little older, on average, as compared to the rest of the country. The median age of a local home buyer was 42 years old, compared to 41 nationally and only 38 in the Midwest. Among first-time buyers, the median age was 30 in the region compared with 32 nationally. The median age of people selling their home was 49.

Other findings include:
The median household income of local home buyers was $64,800, compared to $71,800 in the U.S. The median income of home sellers was $73,500.

Sixty-eight percent of buyers were married couples, 18% were single women, 9% were single men, and 4% were unmarried couples.

First-time home buyers accounted for 33% of homes purchased in 2006.

The median price of homes purchased in Greater Nashville was $184,000; nationally, it's $214,000.

The typical home buyer purchased a home 17 miles from their previous residence.

On average, Nashvillians owned their homes six years before selling, and their homes were on the market six weeks. Fifty-eight percent did not reduce the asking price before the home sold.

An overwhelming number of buyers and sellers used a Realtor to assist them. Eighty-four percent of buyers used a real estate professional during their home search, and 88% of sellers used an agent or broker to sell their home.

Those who chose to sell their home without the assistance of a Realtor reported significantly lower selling prices. The median selling price of a FSBO (For Sale By Owner) home in Greater Nashville was $138,500 as compared with $194,900 for agent-assisted home sales.

The Greater Nashville Association of Realtors? is one of Middle Tennessee's largest professional trade associations and serves as the primary voice for Nashville-area property owners. Realtor is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors and subscribe to its strict code of ethics.

For more information, visit www.gnar.org.

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