Things are looking up for buyers and sellers alike here in Nashville. Find out why in my latest market update.
Now that we’re nearing the end of summer, it’s a great time for an update on our Nashville market. Each month, our team tracks the numbers to learn what homes are coming on the market, what homes are selling, and what homes are not, so let’s discuss what we’ve seen as of late:
Based on our recent “Market Velocity” report, as we like to call it, our local market is going strong. The market is up between 7% and 8% depending on your county, which is fabulous news for our market when you think about the fact that 3% to 5% constitutes a steady increase.
That means home prices are rising, and while we have experienced moderate income growth, it hasn’t been enough to help buyers afford more home. Less affordability usually indicates more inventory, which is what we’re seeing in the $550,000-and-up price range, where we have about three to six months’ worth of inventory—a sign of a balancing market.
Interest rates recently fell to all-time lows again, meaning you can still get into a great home for a great price in the Nashville or Williamson County area!
However, if your home is worth less than $550,000, you’re in a definite seller’s market, and you’ll be happy to know your home will spend less time on the market and you may not have to pay closing costs or make as many concessions.
On another note, interest rates recently fell to all-time lows again, meaning you can still get into a great home for a great price in the Nashville or Williamson County area! And it only gets better: My team and I have rolled out a new program this year, whereby if you’d like to sell your current home, we’ll make an immediate offer on it, so you can get into your new home sooner and won’t have to be a contingent buyer!
If you have any questions about today’s market or need help with your buying or selling needs, please reach out to us. We’re always happy to help!