Mortgage and Real Estate Market Update on Nashville, TN Area
The Nashville real estate market has been booming for the last decade, making it one of the country’s most desirable markets!
What’s even better than moving to such a desirable market? Moving to a desirable market that has been swinging toward buyers!
Since 2018, the real estate market in Nashville has been slowly becoming a buyer’s market, with more homes becoming available on the market. The local market also saw a slowdown in property appreciation, another favorable aspect for buyers.
If you’re in the market for buying a new home, the highly qualified Nashville mortgage experts on our team here at Accurate Mortgage Group are always happy to help!
Forecast for 2019
According to local experts, for the first half of 2019, the real estate market displayed a temporary downward trend in the demand for homes. This market change helped to steadily bring home prices back down so, by March of 2019, Nashville’s home prices are now only about 6.6% higher than the national average.
Home appreciation prices in the Nashville area have slowly but steadily fallen, with October and November of 2018 falling to 8.9% of the national average, then to 8.5% in December, and 7.9% in January of 2019. This decline came after seeing home costs increase faster than average wages could support for several years.
The biggest drop in demand for homes, between March of last year and this March, were seen in the areas of downtown Nashville, Hillsboro Village, the south end of East Nashville, Sylvan Park, Music Row, Antioch, Spring Hill, Bellevue, Forest Hills, Nolensville and Hermitage.
With interest rates remaining low and a lot of homes remaining on the market so far this year, it’s likely the housing market in Nashville will continue to be a buyer’s market for the rest of 2019.
With the build-up of inventory being prolonged in the housing market, it is going to take a while for buyers to work their way through them. This has our Nashville mortgage pros expecting things to remain quite stable for the rest of 2019.
The Nashville real estate market is home to a population of about 650,000, with people in the 14-country metropolitan area of Nashville nearing two million. Although the number of people moving to the Nashville area has seen a slight decline in the past year or so, there are still a lot of buyers looking to purchase homes in many of the same areas of town.
This is why it’s important to speak to a local pro at Accurate Mortgage Group before you start home shopping. We’ll review your goals and start you down the path of getting prequalified so you’ll be ready with a solid offer when you find the perfect house for your needs.
Give our Nashville mortgage team a call today at (615) 724-7847 for more information or to get your mortgage application started!