Real Deal Column

Just a few weeks ago, mortgage rates reached 7% for the first time since May 2024, adding pressure on buyers in an already challenging housing market. This occurred despite the Federal Reserve cutting rates by a full percentage point in recent months, which had sparked hope for financial relief among homebuyers. Yet, home prices continue to rise both in Nashville and nationally.

When considering the best time to purchase a home, several key factors come into play—home prices, interest rates, and the state of the economy. However, supply and demand are the driving forces that most directly impact the real estate market.

Earlier this week, Greater Nashville Realtors released its monthly home sales report for December 2024, alongside Q4 market data and total closings for the entire year. While the report contains a wealth of data, here are key takeaways that shed light on the 2024 market's performance and what it might mean for buyers and sellers in 2025.

As the incoming president of Greater Nashville REALTORS®, it is an honor to connect with you in this weekly column, which has long served as a resource for the real estate community and consumers alike. My name is Collyn Wainwright, and I am proud to serve our dynamic and thriving region. As a Realtor with over a decade of experience, I’ve had the privilege of both working with clients in the home-buying and selling process, as well as mentoring agents in their own transactions.

As I prepare to close this chapter of my career as president of an association representing nearly 7,000 Realtors across Middle Tennessee, I want to leave you with a message that has resonated with me more deeply than ever.

The housing market this year has experienced its shares of ups and downs. Mortgage rates, a major driver of market trends, reached multi-decade highs earlier in the year, pricing many buyers out of the market and disrupting typical seasonality trends nationwide.

The latest market data released last week by Greater Nashville Realtors paints an encouraging picture of the Greater Nashville real estate market. November's statistics signal a market where both buyers and sellers can find opportunities, balancing choice with value in the face of broader economic challenges.

A few weeks ago, I shared insights from the National Association of Realtors’ (NAR) annual Profile of Home Buyers and Sellers, focusing on the challenges first-time homebuyers face. This week, I’m turning the spotlight to home sellers, whose motivations and experiences reflect broader trends in the 2024 housing market.