Located near the state capital, Belle Meade, Tennessee, is seeing an average list price near $866,000.

Local experts reports that the area is "considered by most to be the wealthiest area in Nashville. ... Many of the homes are huge and quite expensive."

In the first quarter of 2007 there were 215 properties for sale, with an average square footage of 3,622.

And while the city and surrounding area saw the second best March on record, sales are still down 11 percent from last year.

"Homes are generally on the market an average of 59 days, before being sold for 96.3 percent of list price. At the present rate of monthly sales, there is a 6.9 month supply of inventory."

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Published: May 17, 2007

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