NASHVILLE, Tenn. (WKRN) – After a few years of unprecedented demand, the Nashville housing market is showing signs that it’s cooling but not by much.
The market remains hot, and according to a new study by Quicken Loans, it is one of the top ten hottest real estate markets of 2022.
Of the top 18 hottest markets, Nashville comes in at number 10, meaning home values here are appreciating at a faster rate than the rest of the nation, but now, we’re starting to see a plateau.
We’re also dropping further down the list.
Earlier this year, Zillow placed Nashville as the sixth hottest market; a year prior, it was third.
Amanda Peterson, a realtor with the Ashton Group of RE/MAX Advantage, said this is a trend that isn’t necessarily headed in the wrong direction.
“I don’t see it as a negative,” Peterson said. “Maybe not so many people are crowding in from other places. Now, we’ve got a few of the local people who have what they’ve cherished about Nashville and they’re able to get into some of those houses as this market has calmed a little tiny bit.”
The median price for a home in April, according to Greater Nashville Realtors was $480,000.
The quick bump in mortgage rates and big gains in home prices are pricing buyers out.
Realtor.com shows a typical mortgage payment is up 57 percent compared to a year prior, which translates into $720 more per month.
“I think some people that were shopping here have slowed down just because things were – it was – so, so competitive and sometimes that draws people away,” Peterson said. “We haven’t really slowed down. We’re just waiting on the next big boom of people to come through.”
News 2 is reporting on Nashville’s historic growth and the growing pains that come with it. READ MORE on Nashville 2022 →