NASHVILLE, Tenn. (WKRN) — Real estate investors bought up homes in Middle Tennessee and helped drive up prices. Now, new data suggests they are pulling back.
New data from Redfin shows home purchases by investors dropped nearly 17% last quarter.
Nashville realtor Craig Edwards said they are facing higher interest rates and high housing prices just like the rest of us.
“It’s still a lot, they are still buying a lot,” Edwards said.
While the data shows investors have slowed down, Edwards said they are still at the top of the game.
“They are still snatching up properties as best they can,” Edwards said.
And the phone calls from investors, especially on the west coast, Edwards says are nonstop.
“They will call us up and say ‘hey, we want something in the $500,000 range,’ and they have a bunch of ideas as to what they want their property to look like, such as all brick,” Edwards said.
If you are wondering about the most popular areas investors are wanting in Middle Tennessee…
“Mt. Juliet is growing, so there’s a lot of folks who are asking for properties there,” Edwards said. “Investors are beginning to look towards Columbia, as well… Pleasant View up in Cheatham County… Of course, anything you can get in the downtown area, they want it.”