NASHVILLE, Tenn. (WKRN) – Take a number and get in line.
That seems to be the new trend among home buyers who are itching to move.
In this Nashville 2021 report, we look into how the historic imbalance of low inventory and high buyer demand is creating chaos in the market.
Really, it’s like a game of limbo. How low can inventory go?
“It’s unbelievable,” Jen Lucy, Director of Sales and Principal Broker at the Jones Company said.
The Jones Company released 10 of 28 lots Friday morning, part of the final phase in the Kelsey Glenn neighborhood in Mt. Juliet.
Thursday around noon, cars started lining up to get their name on the list for the opportunity to purchase one of the lots.
The Jones Company tells News 2 ten more lots will be released Saturday and eight more on Sunday.
“Mostly houses start in the $300,000 which is why the demand is really great,” Lucy said.
Right now, Greater Nashville sits at less than two weeks of inventory.
“I tried to set up a showing in Gallatin and the seller got 67 offers in one day,” Paul Coy said on a zoom conference Friday. Coy is a realtor with The Ashton Real Estate Group of RE/MAX Advantage.
RE/MAX’s most recent housing report shows inventory supply down 35 percent over last year.
Currently, in Davidson and the immediate-surrounding counties, there are only 2,126 active, or coming soon, residential listings in the MLS; 1,600 of those are single family homes and 526 are condos.
“With the historic imbalance of low inventory and high buyer demand, I would simply ask homeowners – if you’ve been considering selling, please reach out to a trusted Realtor. There is no need to sell to an iBuyer program where you’ll sell for tens of thousands less than your property’s current market value. There is also no need to take on the risks involved with selling by owner,” Chris Grimes said, realtor with RE/MAX Homes and Estates.
Gretchen Fitzsimmons, also with The Ashton Real Estate Group of RE/MAX Advantage, says the inventory shortage isn’t just in Mt. Juliet. It’s all over and most homes are only on the market for one to three days.
“A lot of sellers aren’t listing right now. We have really low rates right now and there’s just more buyers than sellers,” Fitzsimmons said.
We’re told Nashville Electric Service, Metro Water and codes are all back logged right now, delaying completions of new construction. In addition, builders are waiting to release homes to maximize profits. These scenarios, coupled with low interest rates and high buyer demand means low inventory is likely to stay at least for a few more months.