Are you thinking the real estate boom in Nashville is over? With increased inventory, longer days on market and price reductions it might feel that way. But think again!
According to a 6/29 article in Bloomberg, Nashville is among the six fastest growing cities in the Southeast and these cities have now contributed over 100 billion in new growth to the GDP. Contrarily, New York, LA, Chicago, and Washington DC are seeing an exodus of Millions in income as job seekers, enticed by higher pay rates and businesses being offered tax and cash incentives, are choosing to relocate.
What does this mean for real estate opportunities in Nashville? If you're a seller, there are opportunities to cash in on equity you've been building if you’ve owned your home for 3 or more years. There are buyers out there. Just don't expect to see the "above-ask" bidding wars we had during Covid. Our market has stabilized and normalized to historically more realistic appreciation levels.
For buyers, more inventory means you have more homes to choose from. And may not have to deal with the frenzy of multiple offers. However, our inventory levels are still not keeping up with the demand that is created by the influx of new residents and businesses. We would not be surprised to see inventory shrink again as consumers become more accustomed to interest rates in the 6-7% ranges. And if we see mortgage rates drop into the 5’s, it’ll be game-on all over again!
How do you navigate the market with so many factors impacting it? Make sure you are working with an experienced Real Estate Economist. This shift is not KPG's first. We study the economy and the market and are here to help you make a smart, educated choice regarding your real estate needs. Call us today and let’s discuss how we can help you make the best possible decision with probably your biggest investment - your home!
We look forward to hearing from you.
kyne property group