Charted: How Nashville home prices skyrocketed over time

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.