Nashville’s Housing Market Is Changing—Are You Ready?

Discover why the fall market is shifting to a balanced market, and how it impacts both buyers and sellers.

Are we finally heading into a buyer's market? It’s the question every homebuyer and seller is asking as we enter the fall season. And while you might be hoping for a drastic change, the truth might surprise you. The market right now is definitely not a buyer’s market. In fact, what we’re really seeing is a balanced market—and here's why that matters for both buyers and sellers. Home prices aren't dropping. You might expect home prices to drop with the economy slowing down, but that’s not happening. In Middle Tennessee, for example, prices aren’t falling. In fact, homes are selling at a higher volume than last year. We’ve seen a 9% increase in the number of homes sold in Davidson County alone. So, if you’re hoping for rock-bottom prices, you might be disappointed. Instead, homes are holding their value and even rising in some areas. Inventory is still low. Yes, inventory is increasing, but it's still not enough to meet demand. We simply don’t have enough homes for the number of buyers still out there looking. So, while homes are taking a little longer to sell, there’s still plenty of competition in the market. If you're a buyer, this means you'll face competition in certain areas. If you’re a seller, this means there are still buyers ready to make offers—provided your home is in good shape.

"With fewer homes available, waiting too long could mean missing out on your dream home."

Condition matters. Here’s where it gets tricky: affordability. With rising costs, buyers don’t have a lot of extra cash. That means buyers are less likely to pay top dollar for a home that needs a lot of work. If your house isn’t move-in ready, you might struggle to get your asking price. For sellers, this is key. Homes that are in great condition and ready for a new owner are still selling quickly—and for top dollar. So, if you're thinking about listing, make sure your home looks impeccable. It’s the homes that show well that are getting attention. Looking ahead, I expect things to heat up. We’ve already seen a dip in interest rates, and there’s a lot of optimism about the economy. Goldman Sachs has even upgraded the market outlook, and job reports are strong. We might see even lower interest rates soon. The election is another factor. Historically, many buyers wait for the uncertainty to pass before jumping into the market. Now that the election is over, anticipate interest rates may drop just a little more & expect a surge of buyers—probably in the spring, but maybe even earlier. What does this mean for buyers and sellers? If you’re a seller, now is the time to make sure your home is in the best shape possible. You’ll face less competition in a balanced market, but your home needs to stand out to sell quickly. If you’re a buyer, don’t wait for prices to drop. With fewer homes available, waiting too long could mean missing out on your dream home. So, while it’s not a buyer’s market, it’s still a great time to buy or sell—if you’re prepared. The key to success in this market is understanding the balance and being ready to act when the opportunity arises. If you have any real estate-related questions, reach out to use at (615) 315-9223.