Real Deal Column

On Tuesday, May 6, Mayor Freddie O’Connell’s office announced that the city reached a long-anticipated agreement to redevelop Rivergate Mall in Goodlettsville into a mixed-use destination, including multifamily housing. 

The latest home sales data from Greater Nashville REALTORS® offers a snapshot of a market moving toward better balance across our nine-county region. In April, there were 2,963 home closings—a 3 percent decrease from the 3,060 reported during the same time last year. While the drop is modest, it signals a trend: buyers are becoming more cautious, likely influenced by recent economic uncertainty and fluctuations in the financial markets.

Greater Nashville REALTORS® recently hosted its quarterly Business Conditions Council meeting, where members heard from Bishoy Mikhail, Vice President of Research at the Nashville Area Chamber of Commerce. Mikhail shared the latest insights into Nashville’s housing market and economic outlook for the first quarter of 2025 — and the trends reinforce what many of us are seeing firsthand: our region continues to grow, but so do the challenges that come with it.

If you’ve lived in Nashville for the past several years, you’ve likely seen the city grow—fast. Along with a booming population, property values have soared. In fact, the median sales price of a single-family home in Davidson County has risen nearly 43 percent, from $346,500 in March 2020 to $495,000 in March 2025, according to data from Realtracs.

As affordability remains a challenge for many Americans seeking to buy a home, there is encouraging news: between 2013 and 2023, the U.S. homeownership rate rose, with 11.8 million more homeowners added during that decade, according to the National Association of REALTORS®' 2025 Snapshot of Race and Home Buying in America report.

The latest home sales report for March is out, offering a detailed snapshot of housing activity across Greater Nashville’s 9-county region. According to figures provided by Greater Nashville Realtors, there were 2,831 home closings in March, representing a slight 0.2 percent decrease from the 2,837 closings reported in the same period last year. For the first quarter of 2025, the region saw 6,868 closings—down just 1.5 percent from the 6,970 closings in Q1 2024, reflecting a market that has remained relatively stable year-over-year despite broader economic uncertainties.

Last week, Greater Nashville REALTORS® members rolled up their sleeves and picked up their hammers for our association’s 29th Habitat for Humanity build. For nearly three decades, we’ve partnered with Habitat for Humanity of Greater Nashville to bring the dream of homeownership to life for local families — and every year, this project reminds us why that dream matters so much.

This Friday marks the 57th anniversary of the passage of the Fair Housing Act by Congress—a landmark civil rights law that prohibits discrimination concerning the sale, rental, and financing of housing based on race, religion, national origin, sex, familial status, and disability.