by TJ AndersonThere’s a lot to celebrate about the Nashville food scene, and rightly, folks from around the country have been celebrating us more and more, for years now. The New York Times
Nashville Tops List Of Hottest Housing Markets Of 2018
by TJ Anderson
Last week, financial magazine and website Barron’s dug into what 2018’s Hottest Housing Markets would look like, and although things are showing signs of cooling — “we’re going to see gains moderate and normalize,” their report said — they found that real estate is still on the rise nationwide.
Once again, there’s nowhere that’s more true than the housing market here in Nashville. According to Barron’s, Nashville is expected to show the largest home-price gains in the U.S. this year, at nearly 8 percent.
And although the Southeast overall is showing a lot of housing-market strength (multiple cities in Florida are expected to show 7 percent gains, and Raleigh’s looking at about 6), the good-for-homeowners news is pretty widespread. Las Vegas — hit hard by the recession — is expected to show about a 7 percent increase; Denver is looking at around 6.5; Seattle’s more than 6 percent too.
What this means for Nashville homebuyers and homeowners
There are a lot of different ways you can take predictions like this, and if you’ve been wanting to buy a home in Nashville and stressing home prices, I know it doesn’t look like great news.
But there is a silver lining. As the Barron’s piece notes, buyers have been slogging through “unsustainable levels of price appreciation” — we’ve seen that in Nashville, Brentwood and Franklin home prices, for sure. And while growth is still significant here, a leveling out is a positive thing for buyers on a lot of fronts.
Outside of really low-priced homes (which I expect will still go lightning-fast), we should be seeing a more calm pace for home sales, which gives buyers the chance to really search for what they want, and think about their offers.
Beyond, once you do buy your Nashville home, these predictions indicate that you should still see some appreciation — maybe not the rocket-powered appreciation of past years, but a reasonable rise in value all the same. Another positive.
Why Nashville’s real estate market is still growing
This is true across the country, but what all the pros and prognosticators are pointing to: a good job market that continues to move in a positive direction.
As of late last year, nearly every Tennessee county showed unemployment rates below 5 percent, and Davidson and Williamson counties boasted the state’s lowest unemployment rates at 2.2 percent. For comparison, in October of last year, the countrywide unemployment rate was 4.1 percent.
Pair those particularly impressive job market numbers with a particularly unimpressive level of home inventory, and you have continually rising residential real estate prices. (A “healthy” housing supply is five to six months, while in Nashville of late, it’s been closer to two months’ supply, and even less for condos.)
Changes and trends in the real estate market always bring good and bad tidings, depending on where you sit. But from where I sit, if you’ve been wanting to become a Nashville homeowner, but the feeding-frenzy pace was stressing you out, 2018 could be a more appealing time to jump in.
For a look at what’s available now, search for homes on the market in Middle Tennessee here.
TJ Anderson is a Nashville Realtor with Benchmark Realty who's helped countless clients both buy a home and sell a home in Nashville, Tennessee. He blogs about Nashville regularly, from Nashville-area....
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