Latest Market Statistics - Your Market, Your Community
by Super Admin
on Monday, January 29th, 2018 at 5:24pm.
Nashville is still riding high on the real estate boom that began over 10 years go. Prices are rising and a number of new constructions are just around the corner.
However, developments over the past few months have suggested a long-overdue market correction may be on the horizon.
As mentioned, housing prices are still increasing steadily, but the rate of that growth has slowed down. The increases remain at historic highs, and the slowing is in keeping with a broader national trend, but they still represent an important marker for how the market should run in the next few years.
Changes in September
For the month of September, stocks were up from a total of 9358 for the same period last year, to 12,415 this year. That's a 32.7 percent rise, bound to have an affect on supply stabilization. As the market loses its ability to rapidly absorb the expansion, prices might begin to fall.
However, over the present analyzed period, prices are up and climbing, while overall sales are down.
Prices in general are still on the affordable side of national averages, and local employment options look strong, meaning that Nashville's real estate market should continue to look strong for years to come
Looking Ahead To The Future
Young, first-time buyers will continue to be a driving force in real estate trends going forward. This demographic will increasingly be looking for cheap homes with easy access to Nashville's vibrant cultural centers, as well as their own outdoor recreation and green space areas.
Nashville's relatively strong position as a regional urban center should let it perform well relative to other real estate markets should a downturn occur. Low interest rates, affordability, and growing employment options, will continue to make Nashville an attractive destination for prospective homeowners.
On the other hand, sellers should expect expensive luxury properties to start moving slower, while homes at the lower end of the price scale should move as fast as ever - if not faster.
Overall, trends indicate that Nashville will start shifting towards a buyers market relatively soon, though outlook for sellers remains positive compared to historical averages and national competitors.