News

Over the last several years, communities across our state have been significantly impacted by natural disasters. From the once-in-a-lifetime floods that poured over Nashville in 2010 to the devastating tornadoes that struck the city in 2020, and most recently, on the West Coast, where catastrophic fires erupted in California, displacing more than 200,000 residents in the Los Angeles area—these types of events are unfortunately all too common.

NASHVILLE, Tenn. (Feb. 6, 2025) – There were 1,905 home closings reported for the month of January, according to figures provided by Greater Nashville REALTORS®. This figure is up 1 percent from the 1,886 closings reported for the same period last year.

NASHVILLE, Tenn. (Feb. 4, 2024) – The real estate industry remains a powerful driver of economic growth both nationally and in Tennessee, according to new figures released by the National Association of REALTORS® (NAR).

Just a few weeks ago, mortgage rates reached 7% for the first time since May 2024, adding pressure on buyers in an already challenging housing market. This occurred despite the Federal Reserve cutting rates by a full percentage point in recent months, which had sparked hope for financial relief among homebuyers. Yet, home prices continue to rise both in Nashville and nationally.

The defining theme for 2025 is stability. With the Federal Reserve likely pausing interest rate hikes, the worst-case scenario appears to be maintaining current rates. While we’re not returning to the booming market of 2021, this stability should be welcomed by all market participants as it reduces volatility and allows for better planning. Buyers, sellers, renters, and investors alike can benefit from a more predictable market environment.

When considering the best time to purchase a home, several key factors come into play—home prices, interest rates, and the state of the economy. However, supply and demand are the driving forces that most directly impact the real estate market.

Many were shocked when Elvis Presley's Graceland was listed for sale in May of 2024, including the Presley family. Naussany Investments and Private Lending posted a notice of foreclosure sale for the Graceland estate, stating the owner of the museum had failed to pay a loan.

Earlier this week, Greater Nashville Realtors released its monthly home sales report for December 2024, alongside Q4 market data and total closings for the entire year. While the report contains a wealth of data, here are key takeaways that shed light on the 2024 market's performance and what it might mean for buyers and sellers in 2025.