What’s Going on in the Spring Housing Market?
What’s going on in Nashville?
The real estate market has been experiencing some dramatic shifts lately, and Davidson County in Tennessee is no exception. According to recent data, the number of homes for sale in Davidson County has increased significantly over the past year, rising from 1,316 units in 2022 to a staggering 2,673 units as of now. That's almost a 50% increase in available homes for sale!
However, before you start thinking that this sudden surge in inventory is a sign of trouble for the local housing market, it's essential to consider the bigger picture. When you compare the current pending deals year over year, Davidson County is only down by 9%, which is a relatively small decrease.
So what does this mean for potential homebuyers and sellers in Davidson County? First, it's crucial to recognize that the current real estate market is still highly competitive. While there may be more homes available for sale, the demand from buyers is still strong, which means that buyers may need to act quickly and make competitive offers to secure the home they want.
On the other hand, this increase in inventory may be good news for sellers who were hesitant to list their homes during the peak of the pandemic. With more options available for buyers, sellers may have an easier time finding interested parties and potentially even negotiating better deals.
What’s going on Nationally?
Here’s what industry experts are saying right now about the National spring housing market and what it means for you:
Selma Hepp, Chief Economist, CoreLogic:
“We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when relatively more migration happens, as people graduate and move elsewhere looking for jobs.”
Greg McBride, Chief Financial Analyst, Bankrate:
“I don’t expect big moves in prices in the span of a month, but like the flower buds of spring, the housing market is showing signs of improvement. A pick up in activity with inventory still low does bode well for home prices.”
Rick Sharga, Founder and CEO, CJ Patrick Company:
“If you can find a home you love and can afford at today’s prices, don’t wait. Home prices in most of the country are unlikely to crash, and mortgage rates will only come down very gradually if they decline at all this year.”
Jeff Tucker, Senior Economist, Zillow:
“The market is still much friendlier this spring for buyers who can overcome affordability hurdles, but buyers are going to see more competition than they might expect because there are not many homes on the market to go around. New listings are increasing, which they almost always do this time of year, but not nearly as quickly as usual.”
