If You're Worried About Nashville, Look Here
The September numbers for the Nashville Real Estate Market were released on Monday.
They are in line with what I was expecting. The number of homes sold continues to fall, the number of homes for sale is climbing and the median price is decreasing.
All of these are expected this time of year due to the seasonal nature of the business. However, our trends are magnified by the transition to a balanced market.
Which might be a wakeup call for some folks when they see the number of sales down 8.1% or the inventory increasing 32.7% over September 2017.
But not for you because we’ve been talking about the market changing for more than a year.
Here’s the link to the September data and trends:
One thing that caught my eye is what Greater Nashville REALTORS® President Sher Powers said,
“When looking at a breakdown of sales by county for the year through the third quarter, Davidson County shows consistent numbers, with only a half of 1 percent drop-in single-family sales and a gain of 2 percent in condo sales. Dickson, Maury, Robertson and Rutherford counties all showed solid increases in sales.”
These number that I release each month are based on a nine-county region in Middle Tennessee. This means that the downward trend in sales is mostly attributed to Cheatham, Sumner, Williamson and Wilson Counties.
With Sumner, Williamson, and Wilson being the biggest of the group, I took a closer look there. I found that Williamson County sales were down 15.6%, Sumner County was down 8.8% and Wilson County was down 7.3% over September 2017.
This change could be related to new construction because it dominates the market in all three of these counties. I’ll dig deeper and see if I can identify any new concerns.
If I do, you’ll be the first to know.
I’d also keep an eye on the interest rates. Right now they are hovering around 5%. If it goes much higher, we will see the current trend accelerate.
I’d love to know what’s worrying you about the market in Metro Nashville. Hit reply and fill me in.
The Daily Deal in Nashville is this 1-story, updated home in Bradford Hills [South Nashville] that is listed for less than $275,000.