January ended with 30 year interest rate averages of 6.69%. After four months of rates above 7%, a second month in a row of rates in the 6’s helped thaw our frozen market.
Category: Affordable Housing
Nashville Housing Market January 2024
While we’re still in a Seller’s Market, actual Buyers are experiencing a more balanced market.
Opportunities Increasing for Savvy Buyers
How many more houses the Nashville area needs to meet demand is influenced by the cost to borrow. Extremely low interest rates in 2020 and 2021 led to an enormous gap between how many homes our market could absorb and how many were for sale.
Cooling a Hot Seller’s Market: Local Demand Meets Rising Interest Rates
As mortgage interest rates have risen, our local Middle Tennessee housing market has cooled but definitely not stalled. Following supply, an indicator of how many months worth of houses buyers have to choose from, we are still very much in a seller’s market.
Seller’s Markets, Buyer’s Markets, and Supply
If 6 houses close in 1 month, and there are 12 houses available, then there is a 2 month supply.
Property Tax Relief for Nashville Homeowners
The Housing Fund is launching a program to help Nashville homeowners pay their increased property tax bills. Information and a link about the program is below. Please share this link widely.
For People Who Ask Why the Nashville Real Estate Market is So Competitive
Time equals freedom, and long commutes just add to the time that working to make a living takes from what could be family, fun, rest, or sleep time.
When people start to really contemplate their commute times and put a premium on their distance from work, that creates demand in urban neighborhoods.
Buyers Market and Sellers Market Explained
“Buyers Market” and “Sellers Market” are often used subjectively. However, they are objective terms which when used appropriately can help you understand people’s behavior within a market.