Selling Your Home This Spring: Nashville Edition

There is much debate in the media on the current real estate market. A lot of the news is contradictory (source: Forbes and NAR):

• Home sale prices fell year-over-year in February, but only by 0.2%

• Inventory remains limited. Homeowners who bought a few years ago have a record-low interest rate so they are staying put in their homes.

• Tight inventory means prices aren’t falling off which leads to unaffordability and a higher barrier to entry for potential new homeowners. This means less competition for homeowners when looking for a new home.

National numbers tell an overall story, but they don’t always equate to what you will experience in your city. Let’s take a look at Nashville’s real estate market:

• Home sale prices in Davidson County grew 0.9% year-over-year in February; this is more than the national average of 0.2%.

• Inventory in February 2023 was 23% higher than the previous year but … February 2022 had the lowest inventory of any month of the past 5 years. Our current inventory is still 25% less than the 5 year average.

So, what does this mean for a Nashville homeowner planning to sell their house in 2023?

• Days on market remains short, currently at an average of 16 days. When you decide to list your home, you need to be ready to move in potentially 30-45 days.

• While prices remain high, concessions have been negotiated in more sales. Some buyers may need a seller credit to assist with the higher mortgage rates. We will guide you through each purchase contract so you have an understanding of every dollar.

If you’re selling your home, it’s important to enter any real estate market with the best pricing and sales strategy in place. As Realtors focused on the Nashville market, we walk you through the steps, share the current market conditions in your neighborhood, and create a selling strategy specific for your property. Contact us to get started!