NASHVILLE, Tenn. (WKRN) — Nashville continues to thrive as one of the country’s hottest real estate markets. But our market has been turned on its head over the last year, buyers are winning, and sellers are having to be more patient.
In 2021, houses were flying off the market almost the moment for sale signs got staked in the yard, but in 2022, we saw a big shake-up.
“Overall sales, sales volume is down 13.8%. So, we’ve sold 13.8% fewer homes this year than we did last year,” Greater Nashville Realtors 2022 President Steve Jolly said.
However, it’s not all bad news.
“You would think sales price would be down based on that news. But it’s really up for single-family homes 5.8% and even higher for condominiums.”
Interest rates have skyrocketed for homebuyers who were enjoying 2% and 3% in years past. That’s somewhat cooled down the market, and realtor and partner with The CityLiving Group at Village, Deborah Vahle, said sellers have had to step up their game.
“Sellers are willing to offer things like two-one buydowns on the home, where they’re offering an incentive to the buyer, so it really can be economical to the buyer right now,” Vahle said.
Sales are now taking around 30 to 45 days once a home has hit the market.
“In the beginning of 2022, maybe you didn’t have to do as much to market the home, but now the home needs to be pristine, it needs to be in good condition as far as fresh paint, all those things, staging,” Vahle said.
At the end of the day, this isn’t all doom and gloom for sellers. Homes in Nashville are and are expected to continue to be sought-after commodities.
“Even though the demand is down, we still don’t have enough supply of homes to meet what people are looking for. The current demand is still not enough to meet the supply,” Vahle said.
According to Greater Nashville Realtors, in 2021, our region had just under 40,000 home sales. By mid-December, we had a little over 35,000 sales.