Supply and demand in the Nashville real estate market is stabilizing slowly but surely
NASHVILLE, Tennessee (WKRN) – Music City is once again making headlines for its fast-selling homes, ranking second in the country, according to latest RE / MAX national report on housing who found that the average Nashville home now sells in just 11 days.
Although this month’s housing supply is down almost 50% from last year, the market finally appears to be moving in the right direction.
Inventories nationwide rose more than three percent for the second straight month in the United States, Zillow said, bringing additional listings to a desperate housing market.
Here locally, supply and demand finally balance out after months of reverse trend. Brian Copeland, president of Greater Nashville Realtors, said it was the perfect storm for an inventory crisis.
You’ll see in the chart provided by Greater Nashville Realtors, that indexes and stocks in Nashville plunged during snowstorm week, which was the third week of February. The housing stock has remained well below average for months, creating a huge supply problem. Meanwhile, demand was on an upward trajectory.
The fury of the storm hit Friday, April 24 when 5,219 clues occurred, the highest in documentable years, according to Greater Nashville Realtors. At the same time, new stocks hit a low just after snowstorm week.
âThat doesn’t mean its equilibrium was always in a sellers market, but it does mean there aren’t as many buyers as we saw in April,â Copeland said.
Now, entering the third week of July, Robbie Drimmer of Compass Real Estate has said that we are seeing an increase in inventory.
âThere’s a little less competition in the housing market and interest rates have just fallen to another all-time low, so it’s a phenomenal time to buy right now,â Drimmer said.
It is also a great time for sellers. The median selling price of a home is now $ 395,000, up 23.2% from last year and the highest price recorded by RE / MAX.
âIf you are looking to buy it can be a bit slower in the competitive arena, but don’t expect to pay less than full price and don’t expect to see multiple deals, they are always there. . “
Drimmer said if you are a buyer act now.