Things are finally calming down just a little in the Nashville housing market — Nashville home inventory has increased considerably, the pace of home sales is slowing just a little, and prices, while rising year-over-year, are doing so at a less frenzied pace.
That’s good news for potential Nashville homebuyers — you should have more options, a little more time to weigh them out, and less pressure.
Still, it’s probably not quite time to bet on the Nashville housing market returning to the lazy days of the early aughts. A newly released homes.com study on the “10 Hottest Real Estate Markets From 2018” shines a light on just how busy the real estate market in Middle Tennessee remained throughout last year. Right behind Dallas, Texas, and Portland, Oregon, you’ll find Nashville, Tennessee, at No. 3 on the list.
“The history of the city, its musical roots, and of course, its delicious southern food all conspired to make an unbeatable combination for those interested in relocating,” the homes.com folks said about Nashville. “But it’s the city’s economy, job opportunities, high average income, and rising home values that convert visitors to residents.”
Other (admittedly unsurprising) “markets across the country that really stood out,” according to homes.com’s breakdown, include several other Southern cities — Charlotte and Raleigh, North Carolina, along with Austin, Texas — along with San Francisco and San Jose in California, Denver, Colorado, and Seattle, Washington.
Clearly, Nashville’s housing market is in vibrant, fruitful company.
What’s on the horizon for the Nashville housing market
We wrote recently about a 2019 National Housing Forecast, including some market news for Nashville. And while even the most informed real estate experts can’t confidently predict the future, data seems to be telling us that:
— home inventory in Nashville should continue to grow
— high-end new construction in particular should continue or grow its pace
— home prices should continue to rise, particularly on the hells of the Nashville Amazon logistics hub announcement
Here’s homes.com’s take:
“With home values expected to rise another 3.8 percent in 2019, Nashville is looking to remain a strong market to consider relocating to.”
We’ve seen 2019 Nashville housing market predictions that show considerably larger home-value growth — as high as nearly 7 percent. The end result might end up closer to either, or somewhere in the middle.
But single-digit rises in home values are certainly significant — take a listing like the one pictured above, 446 Franklin Limestone Rd., a 9,050-square-foot midcentury Nashville estate, listed at $799,000, with three acres of land. Come this time next year, a 4 percent value growth could tack on another $32,000.
Is it the right time to buy a home in Nashville?
Whether it’s the right time to dive into the Nashville housing market as a homeowner comes down to a lot of personal factors, and we’re always more than happy to talk your specific situation over with you, to help you get a handle on whether becoming a homeowner is where you want and need to be.
But if you’re waiting for a big dip in the housing market here in Nashville before you start househunting, the data seems to be pointing toward 2019 not being a likely year for it.
Questions/concerns about buying a home in Nashville? Please let us know if we can help — if becoming a Nashville homeowner is your 2019 dream, we’ll do everything in our power to help you make it happen. Check out some Nashville homes for sale here, and reach ACRE here.