Real Deal Column

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.

Last week, I had the pleasure of hosting Greater Nashville Realtors' annual Member Luncheon and Board of Directors Installation at the Music City Center. This much-anticipated event is always a highlight of the year, as it brings together our membership to celebrate our collective achievements, honor our outgoing leadership, and welcome those who will guide us into the future.

The National Association of REALTORS®’ annual Profile of Home Buyers and Sellers offers a unique glimpse into the behavior, motivations, and experiences of recent home buyers and sellers. Covering transactions from July 2023 to June 2024, this year’s report highlights how buyers and sellers are navigating a shifting housing market. This article marks part one of a two-part series exploring key findings from the 2024 profile.

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.