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The Nashville real estate market holds promise for an exciting chapter in 2024. The challenges of 2023, marked by the highest interest rates seen in over two decades, seem to be easing into our rearview as we look forward with a blend of optimism and resilience, rooted in intriguing data insights.

When it comes to buying a home, I’m a firm believe that it’s a great investment but the timing has to be right for you. Beyond the down payment and closing costs, knowing the long-term cost of homeownership will help you get the right home for you. With declining interest rates and already low inventory, it’s important to be prepared and have realistic expectations because the market could get hot! Whether the time is now or you’ve just started planning, there are things to keep in mind when buying a home.

NASHVILLE, Tenn. (Jan. 8, 2024) – Final numbers for 2023 indicate there were 33,429 homes sold in the region, compared to the 39,831 closings in 2022. The total sales for 2023 were down 16 percent compared to 2022.

As we usher in the new year, the Nashville real estate market is poised for another dynamic era.  After 2023, which was defined by soaring interest rates and limited existing single family home inventory, there are plenty of reasons to be optimistic about the year ahead.

As the calendar flips to a new year, families often find themselves reflecting on their goals and aspirations. For many, the dream of upgrading to a new home takes center stage, aligning seamlessly with the spirit of fresh beginnings that the new year brings.

Our communities are once again grappling with the devastation of a catastrophic event. Just a few short weeks ago, tragedy struck the city of Nashville and surrounding areas when a deadly EF-2 tornado touched down in Nashville on Saturday, December 9, traveling at speeds of 130 mph.

There’s no denying we are in a different real estate climate. Very unique things are happening on the market right now. Residentially, we have homes appreciating in areas, but days on the market are also skyrocketing. We also have the increasing wage/affordability gap that’s been a hot topic for a while now. When it comes to investing in real estate, everyone has their strategy, but several factors should be taken into account, including quality of work, location, and source of financing, especially if the end goal is to sell in the short term in 2024. There’s an inherent risk in any investment you make, but the well-prepared investors account for variables on the front end when purchasing, to reduce risk.

'Tis the season, and the Federal Reserve is playing Santa Claus early this year.

At their recent December meeting, Chairman Jerome Powell had an early holiday gift for us: interest rates staying put for the third time in a row. But the real surprise was the Fed's hint that in 2024, we might see not one, not two, but three interest rate cuts by 25 basis points each.