Real Deal Column

In the national economic landscape, the latest job figures paint a mixed picture. According to Dr. Lawrence Yun, the Chief Economist at the National Association of Realtors, February saw a solid addition of 275,000 net new payroll jobs.

As the Greater Nashville housing market continues to march forward into 2024, the momentum from January shows no signs of slowing down. Despite facing challenges such as severe weather disrupting a full week of activity last month, February's data once again showed gains in the number of closings, median sale prices for both single family and condos, and inventory compared to the same month last year.

As we transition from the winter chill to the warmth of spring, the real estate market in Greater Nashville is also showing promising signs of thawing soon. The momentum gained during and after the holidays has carried over into the new year, with existing home sales witnessing a 3.1% increase from December to January nationally, as reported by the National Association of Realtors.

In the bustling world of real estate, navigating the intricacies of buying or selling a home can feel like traversing a labyrinth without a guide.  Enter the Realtor - bound by a strict Code of Ethics that does not apply to other real estate licensees.

It's no secret that the housing shortfall has been a pressing issue for more than a decade. Since the mid-2000s housing boom, the U.S. has consistently been underbuilt compared to historical averages. Last year, we saw interest rates hit a 23-year high, exacerbating the low inventory issue and contributing significantly to affordability challenges.

With the release of the first sales data of the new year, Middle Tennessee's real estate market is showing signs of promise. Beyond the snow that shut down much of the city, January also brought key performance indicators that have left us feeling optimistic.

As we continue to explore affordable housing options in the Greater Nashville Area, it's essential to consider not only Davidson County but also the neighboring counties that offer fantastic opportunities for prospective homebuyers. While Davidson County has seen rapid growth and increased property values, several surrounding counties provide a more budget-friendly alternative.

In the ever-evolving landscape of Nashville's real estate market, finding an affordable place to call home can seem like a daunting task. However, for prospective homebuyers on a budget, there are pockets of affordability within Davidson County that might just be the perfect fit. And there are loan programs that can help turn your homeownership dream into a reality with fewer financial hurdles than you might expect.