NASHVILLE, Tenn. (WKRN) — Active home listings for Davidson County, Franklin and Murfreesboro are up by nearly 30 percent year over year while list prices are down by more than 5 percent over the same time period, according to data from Realtor.com.
Nashville real estate broker, Jeff Checko, attributed higher inventory to a few main factors. With the holidays coming up, Checko told News 2 that it’s typical for the housing market to slow down.
“People are naturally not as inclined to clutter their schedule and their mental bandwidth with looking for a home this time of year under normal circumstances,” Checko explained.
Checko added that people are hesitant to make bigger life decisions during an election year. Additionally, Checko noted that with interest rates higher relative to the last 10 years, it comes down to affordability and balancing month-to-month expenses.
“If people have to choose between renting and owning based on what the spread is. Right now, they're choosing to rent and wait,” Checko said.
If you are in a place to buy a home now, it’s wise to take action, according to Checko. That's because buyers have refinancing options if interest rates go down and Nashville’s growth could lead to a red-hot housing market.
“Barring some external factor that really stymies things, I think the next 10 years of growth in Nashville are going to make the last 10 years — as vigorous as they were — they're going to dwarf it a little bit," Checko told News 2. "That's a bold prediction, but I really do think with so much coming and so much demand, and Nashville being no secret, the next time it really gets going, it's going to be wildfire.”
