How did the Nashville real estate market do in 2017?
Overall, the Nashville market is pretty solid. The number of homes sold went up over 4% year over year, and the average sale price also went up. It’s been a great year for real estate here in Nashville as people continue to move here. We are still in a seller’s market, as there are more buyers out there than sellers.
What can you expect from the market in 2018?
Interest rates are still at historic lows, but buyers need to keep an eye on them because they will go up at some point this year. Now may be a good time to lock in a low rate before they go up. I don’t expect them to go up too much, but they will go up in 2018.
If you are thinking of selling your home, then we are still in need of more houses to come onto the market. There are more and more people coming to Nashville looking for homes, so you can definitely get a good price for your home right now.
You should also look out for new construction. Will the new housing inventory help us catch up to the number of buyers in the market?
There are a few pockets, like in East Nashville, where we are seeing an increase in new construction and houses are sitting on the market a little longer than other areas with less inventory.
Of course, the new tax reforms will impact the real estate market. I’ll go over the tax reform bill in more detail in my next video.
Overall, 2018 will be a strong year in real estate. The job market looks great, and new businesses are arriving all the time in Nashville.
If you plan on buying or selling a home in 2018 or you have any questions about the market in your specific neighborhood, just give me a call or send me an email. I would be happy to help you.