Stronger, more stable housing market coming to Nashville, experts say
NASHVILLE, Tenn. (WKRN) – From incandescent to red, experts say it’s a start.
Although property prices continue to rise in Nashville, those surrounded by home sales suggest that a strong but more stable real estate market is ahead.
This bullish market is heading in a direction that is great for future buyers.
According to a study, Nashville homeowners pay nearly 7% less per month than renters
“The inventory in the Hermitage market has doubled in the past 12 months,” said Bobby Hill of Crye-Leike Realtors. “The Lebanese market has risen by half a month; then we have Mt. Julia who is hot. It’s really good that the inventory has been reduced a bit. “
Although every area is different, brokers say we are starting to see a shift.
For the first time since January, monthly home growth slowed, according to real estate giant Zillow. However, the market is still scorching hot as demand outweighs supply and annual appreciation is at record levels.
“I think what is interesting now is that we hope that we drift a little towards normal. I think we will see prices go up, but maybe not so hectically, not just because of the increase in value but also because of the activity of the deals themselves, ”said realtor Jeff Checko of Ashton Real Estate Group of REMAX Advantage.
According to the latest RE / MAX National Housing Report, the average Nashville home continues to sell in just 10 days, although August home sales were down slightly from July and last year.
“We flew so high; it had to adapt like an airplane. We balanced each other out a little, ”said Hill.
Meanwhile, Zillow reports that typical home values are $ 356,137, up 2.6 percent from July and 18.6 percent year over year.
Checko says it’s the biggest year-over-year price hike growth he’s seen in his career.
“I love it when people gain equity, and as someone who invests in real estate, I like to see that, but then you also worry a bit about sustainability and affordability for people who not only get into our market, but them who have been here for a while. You want to make sure people have options, ”said Checko.
The Nashville housing market is seeing a decline in whisper listings as inventory continues to be a challenge
These options could increase from 2022 onwards.
“I think we have about a year,” said Hill. “Basically November next year … then we’ll fall back on the time frame. Then I think you will see how it sinks a little and levels out. “
The slower monthly appreciation is unlikely to be reflected in slower annual growth until early 2022, with the Zillow Home Value Index’s year-over-year growth expected to increase 19.9 percent in late 2021 from late 2020 and further to 20.1 percent in January 2022 before it slows down according to Zillow.
“I think the best advice for salespeople right now is complex; one if you stay in the market and sell high; They also buy high, so there is a relative relationship there, and secondly, in our market right now, we are seeing that the buyer base is being pushed back to sellers who are getting overzealous with their asking prices, ”said Checko.