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NASHVILLE, Tenn. (November 7, 2024) – Data for the month of October showed 2,841 home closings, according to figures provided by Greater Nashville REALTORS®. This figure indicates a 5 percent increase from the 2,697 closings reported for the same period last year.

Despite the current climate of higher-than-expected interest rates, Nashville’s real estate market remains robust, presenting a unique opportunity for buyers in 2024. With a notable five-month supply of housing—a figure we haven’t seen in over a decade—buyers today have more options and negotiating power than ever. This shift in the market offers a rare advantage: buyers can negotiate terms such as closing cost assistance, price concessions, and, in some cases, get offers accepted with as little as a 3% down payment.

The rise in severe natural disasters underscores the growing climate risk affecting global economies. Recent flash floods in Tennessee, for instance, caused widespread damage to neighborhoods, small businesses, and commercial properties on September 26-27, 2024. Such events highlight how climate change reshapes the commercial real estate (CRE) landscape, prompting responses like Governor Bill Lee’s Emergency Declaration, which emphasizes adaptive policies and resilience planning to maintain economic stability. As climate impacts spread across industries, investor behavior, and economic strategies must evolve accordingly.

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.