Last week, Greater Nashville REALTORS® hosted its annual economic summit, NASHONOMICS, bringing together business leaders, economists, and real estate professionals to discuss the latest trends shaping our region’s housing market and economic landscape.
Laurel Graefe, Regional Executive of the Federal Reserve Bank of Atlanta’s Nashville Branch, provided a timely update on interest rates. As of this week, the national average for a 30-year mortgage has remained below 7% for the 17th consecutive week. While that stability is welcome, Graefe noted that elevated rates—combined with rising home prices—continue to pose affordability challenges, especially for first-time buyers and middle-income households.
Dr. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®, shared an in-depth look at housing affordability across the region. With the median sales price now hovering around $500,000, she pointed out a growing generational gap in homeownership. Today, the median age of a first-time buyer is 38—up from 28 just four decades ago—while baby boomers accounted for 42% of all home purchases between July 2023 and June 2024.
On the broader economic front, Jeff Hite, Chief Economic Development Officer at the Nashville Area Chamber of Commerce, emphasized that while Nashville’s economy remains strong, it trails peer cities like Charlotte, Austin, and Atlanta in some key indicators. Hite focuses on four primary metrics to assess economic health: job growth, population growth, GDP growth, and cost of living. Nashville’s cost-of-living index sits just below the national average at 98.7, but lags behind cities like Charlotte (91.2) and Tampa (97.6), indicating some room for improvement in regional affordability and competitiveness.
Despite these challenges, the outlook for Greater Nashville remains optimistic. Job growth, population expansion, and sustained housing demand continue to position our region for long-term success. However, to meet that future head-on, ongoing collaboration is essential.
As REALTORS®, we play a critical role in shaping the housing conversation and driving solutions forward. That’s why our association is committed to working closely with local leaders—like Mayor O’Connell and Metro government—on initiatives such as the new Unified Housing Strategy. And next week, we’ll take our advocacy to the national level during the REALTORS® Legislative Meetings in Washington, D.C., where we’ll join colleagues from across the country to champion real estate policies that support homeownership, fair housing, and vibrant communities nationwide.
When REALTORS® are at the table, we help turn insight into action—and ensure that our region continues to thrive for years to come.
