Real Deal Column

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.

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.