NASHVILLE, Tenn. (WKRN) – Yes, it’s a new year and yes, Nashville’s housing market is still on fire– with many real estate experts calling our market ‘hot.’
It’s so hot, in fact, it was ranked as 4th hottest in the nation when it comes to home value growth.
The Zillow Home Price Expectations Survey[i], sponsored by Zillow and conducted quarterly by Pulsenomics LLC, asks more than 100 economists, investment strategists and real estate experts for their predictions about the U.S. housing market.
On average, panelists said they expected U.S. home values to grow by 2.8% in 2020.
Here’s what they found in the Nashville metro in 2020:
· 59% of panelists expect home values to grow faster than their expected national rate (2.8%).
· 31% of panelists expect home values to grow slower than they do nationally
· 10% of panelists expect home values to grow about the same as they do nationally.
“We need to keep an eye on inventory,” Jeff Tucker said, an economist from Zillow. “If inventory continues to build up in Nashville it could contribute to cooling off prices and a good healthy sign for the market could lead to buyers not feeling so frantic, having to rush into purchases or wave contingencies and bring things back to a low boring pace.”
Many panelists expect home values in San Jose and San Francisco to continue falling in 2020, and some expect more markets in California to join them.