News

Nashville’s job market has performed consistently well throughout 2024. Even as national economic trends, like rising interest rates, have slowed employment growth in other areas, our unemployment rate continues to hover at all-time lows.

The question every agent gets asked in a conversation the minute they mention they’re in real estate, is “How’s the market”? which is often followed by “I bet you’re busy” or “Are you busy?"

Over the past few weeks, we've seen the devastating effects of hurricanes and tornadoes across several states, including Florida, Georgia, the Carolinas, Virginia, and even right here in Tennessee. Many communities are now faced with the daunting task of rebuilding after homes were destroyed, neighborhoods were flooded, families were displaced and lives were lost.

The fourth quarter, for many agents, can mean that business starts to slow as we head into the holiday season. While this can be a great time to finally take that vacation you've been putting off or visit family you haven't seen in a while, let's not forget that it's also a great time to be working on your business. Below are a few ideas for things to be working on if you find you have some extra time on your hands.

As we head into the final quarter of 2024, the Greater Nashville housing market remains resilient. The latest data shows that September saw a slight uptick in the number of closings, with a 0.1% increase compared to last year. Median prices for single-family homes dipped slightly by 0.03% to $467,000, while condos experienced a healthy 3% increase, bringing the median condo price to $356,000.

With the new NAR settlement and all of the miscommunication around it, it’s no wonder that buyers are confused. We, as an industry, must do all we can to help educate the general public. Unfortunately, the unintended consequence of the ruling is that buyers now don’t know whether they should enlist a buyer’s agent when searching for a home.

NASHVILLE, Tenn. (Oct. 7, 2024) – Data for the month of September showed 2,810 home closings, according to figures provided by Greater Nashville REALTORS®. This figure indicates a 0.1 percent increase from the 2,807 closings reported for the same period last year.

If you’ve been on the fence about purchasing a home, now might be the perfect time to take the leap. At Greater Nashville Realtors, we regularly monitor the health of the housing market, and our monthly home sales report provides insight into key metrics like median sales prices, number of closings, and perhaps most importantly, the “months’ supply of inventory,” also known as the absorption rate.