Real Deal Column

$32,756.23 billion—that’s the staggering total value of America's collective home equity, according to recent data from the Federal Reserve Bank of St. Louis. This figure marks a record high, having doubled since early 2017 and quadrupled since early 2012. For homeowners in Nashville and beyond, this growth highlights the immense value of owning a home and its role in building generational wealth.

As we move through 2024, the Greater Nashville real estate market witnessed a notable shift last month. Closings in June decreased by 13 percent compared to the same period last year. This decline in home closings across various categories underscores the potential opportunity – an almost forgotten market landscape where buyers have negotiating power.

Investing in housing is more than just buying a place to live—it's a cornerstone of the American economy. Each home sale generates two jobs, and the real estate sector alone makes up approximately 18% of the entire nations economy, according to data from the National Association of Realtors. This ripple effect of home sales extends beyond property lines, influencing numerous facets of American life.

When we talk about affordable housing, the conversation often centers around new construction. Building more homes is necessary to meet the high demand in our growing city. However, the solution to affordable housing extends beyond just new builds. It requires creative thinking and collaborative efforts between private and government entities to develop effective strategies.

The Bellevue Mall officially closed its doors in May 2008 and sat largely vacant for a decade, leaving many residents disheartened. The property had been not just a major hub of commerce but also a community gathering place.

The Summer season officially kicked off on Thursday, and here in Middle Tennessee, we’re certainly feeling the heat. Spring traditionally marks the peak of the housing market, and this year was no exception. The Spring months set a strong foundation for what lies ahead, with solid activity in terms of property listings and sales. Buyers and sellers were active and with almost half of 2024 in the rearview, the Greater Nashville region is poised to move into Summer with the confidence of stable market conditions.

Last month, thousands of residents were left without power, and communities suffered extensive damage after severe storms touched down across Tennessee, resulting in severe flooding and tornado damage in several counties.

The Greater Nashville area is experiencing a gradual shift in its housing market, offering promising opportunities for both buyers and sellers. According to data from Greater Nashville REALTORS®, May 2024 saw a modest yet encouraging 2 percent increase in home closings, totaling 3,509, compared to 3,436 closings in May 2023.