NASHVILLE, Tenn. (WKRN) – As home prices rise across the country, the gender housing cap continues to widen.
A new study shows the average single woman is priced out of 34 of the largest U.S cities, including Nashville.
However, mortgage rates rose again this week, reaching five percent for the first time in more than a decade, creating more opportunity for hopeful buyers.
“If you look at year over year, last year to this year prices, close sale prices of homes have risen, on average just on the five Metro counties, like 25 percent,” Debra Beagle, Managing Broker/Owner of The Ashton Real Estate Group of RE/MAX Advantage said.
According to Greater Nashville Realtors, the median price for a home in greater Nashville sits at more than $460,000.
It’s a figure that many would consider as ‘a little pricey.’
Beagle agrees, saying, “It is challenging for affordability, housing affordability for anyone right now.”
A recent study from Property Shark shows the average woman can only comfortably afford to make a solo purchase of a home in just 17 of the country’s 51 most populous cities.
Nashville, in particular, has surged to price out single women more so than men.
Data also shows that it would take 47 percent of a woman’s local median wage to afford monthly mortgage payments on a starter home in Nashville, and just 38 percent for a man.
“We’re having a lot of success with townhomes [for women,]” Beagle said. “There are around some in Donelson that we’re looking at, West Nashville in $350,000-$400,000 range.”
Beagle says a recent shift in the market could help more singles secure a home.
“What I am seeing in the last two weeks, I’m seeing more FHA buyers getting contracts accepted,” Beagle said. “We’ve been competing in the market with cash offers and strong conventional buyers, seeing some FHA, some VA buyers contracts getting accepted over the last two weeks is a very positive thing.”
What it shows is competition is shrinking. Beagle says she’s also noticed the number of offers is slowly declining.
“I’m noticing now, too, instead of 20 offers on a house, it’s gone down to five or six in certain price points,” Beagle said.
And if we want a truly stabilized market, we’ll need inventory to rise. That’s something we’re starting to see happen.
Beagle says throughout Middle Tennessee, 4,000 new construction permits were pulled in the fourth quarter of 2021, with 2,700 being pulled in the first two months of the new year. That’s nearly 7,000 new homes.
“Now that the interest rates are ticking up, will we start seeing builders start putting out more opportunities for buyers to get pre-sale, but the inventory hopefully will be coming,” Beasley said.
This means opportunity for first time buyers is coming.
In case you were wondering and are willing to make a move, Detroit, Tulsa and Oklahoma City are the three most affordable urban centers for single female buyers.