NASHVILLE, Tenn. (WKRN) – Greater Nashville home sales continue to increase at a faster pace than the national average, according to RE/MAX.
Though the market is cooling off slightly, it’s still competitive and if you’re in the process of buying or selling a home– pay attention, as realtors say the housing market off-season is the best time to get ahead.
“People are moving here every single day and people want to buy homes,” Erin Krueger said, Team Lead of The Erin Krueger Team at Compass Real Estate.
Her team sold more than 500 properties this year alone.
“This October, my team conducted 70 home closings for buyers and sellers in the Greater Nashville area. That’s 50% more than the 35 we closed on in October 2018,” Krueger said. “Every month we are selling more homes than we did the month before.”
Krueger says the numbers are great, but according to Jeff Tucker, an economist with Zillow, compared to years prior, the market is slowing.
“This was a big cooling down year for Nashville, as Nashville is coming off some of the fastest home growth in the country,” Tucker said.
Tucker says that’s mostly in part to a rising inventory.
Nashville metro highlights:
- The typical rent is $1,462 up 1.3% from a year ago.
- The median home is worth $259,500, an increase of 3.5% year over year.
- There are 491 more homes for sale. This is an increase of 4.4%
Krueger says you’re a buyer this is a great time of year to get bargains on the market because you’ll see less competition from other buyers. Working with your realtor, you can take the opportunity to potentially get into the home before it re-lists, and make a competitive offer with less competition.
In addition, the real estate off season is a great time to focus on painting and landscaping. Holiday sales are the ultimate opportunity to seek deals that can advance and improve your home.
Krueger says she sees sellers get an average of $5,000-$7,000 more dollars in the Springtime. Come February or March, home sales will start picking back up.
As for 2020, we’re still seeing all-time highs for Nashville prices, looking out over the next year experts think home price growth will keep slowing but not go into free fall or into the negatives.
News 2 is reporting on Nashville’s historic growth and the growing pains that come with it. Click here for more Nashville 2019 reports.