Real Deal Column

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.

When most people think of Realtors, they envision professionals assisting with the buying and selling of homes. While this is a crucial part of what we do, our role extends far beyond the transactional aspects of real estate. Realtors are steadfast advocates for consumers and homeowners, working tirelessly to influence policies that benefit our communities.

Last week, Greater Nashville Realtors hosted its annual economic summit, Nashonomics, at Trevecca University. This is a signature event that offers our members valuable insights into both the national and local housing markets as well as the most recent data driving our local economy.

The principle of property ownership as a means to wealth remains a cornerstone of American economic philosophy. As we progress through the 21st century, this principle not only holds but is underscored by recent dramatic gains in the real estate values, which have presented unprecedented opportunities for wealth accumulation through homeownership and investment.

April has traditionally been a month of renewal and growth, and this year, the real estate market in Greater Nashville has mirrored this seasonal change with promising vitality. This past month, we've witnessed an 11% surge in home sales coupled with an 18% increase in inventory, signaling a robust market that benefits both buyers and sellers.

In a groundbreaking move back in 2021, Larry Ellison, chairman, and co-founder of Oracle Corp., struck a deal with Nashville that promised to bring 8,500 jobs to the city by 2031. This monumental agreement, totaling $1.35 billion and spanning a sprawling 70-acre campus on the East Bank, marked the largest economic development deal in Tennessee's history.

In recent updates, Fannie Mae and Freddie Mac, two significant players in the federal financial sector, have reiterated their stance on seller payments toward buyer agent commissions, affirming that these payments will remain exempt from limits on seller concessions.