Real Deal Column

Last week our nation paused to observe Veterans Day, a day dedicated to honoring the brave men and women who have served in the United States Armed Forces. It is a time to reflect on the sacrifices and contributions made by veterans to protect the freedoms we cherish and to recognize the ongoing impact they have on our communities.

Reflecting on October’s housing market data, it’s clear that the Greater Nashville Realtors 9-county reporting area continues to demonstrate stability and growth in key areas. Before we dive in, I’d like to clarify a point from last week's column—median home sale prices referenced from 2014, 2019, and 2024 were specific to Nashville proper, not to be confused with the broader regional data shared here.

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.

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.

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.

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.

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.

For nearly three decades, Greater Nashville REALTORS® has been proud to sponsor the construction of a Habitat for Humanity home each year for a deserving family in Middle Tennessee. This partnership, now spanning 27 years, is one of the longest-standing relationships with Habitat for Humanity in the region