Beyond Bending Tell You How
Are you interested in the Nashville housing market? If so, you’re not alone. Nashville is a popular city that has been growing in recent years. According to the U.S. Census Bureau, the population of Nashville grew by 11.6% between 2010 and 2019. This growth has had a significant impact on the housing market in Nashville.
If you’re looking to buy or sell a home in Nashville, it’s important to understand the current state of the housing market and what to expect in the future. In this blog post, we’ll take a look at the Nashville housing market forecast for 2023.
The Current State of the Nashville Housing Market
Before we dive into the Nashville housing market forecast for 2023, let’s take a look at the current state of the market.
According to Zillow, the median home value in Nashville is $385,000 as of August 2021. This is an increase of 16.7% from August 2020. The median list price per square foot in Nashville is $237, which is higher than the Nashville-Davidson-Murfreesboro-Franklin Metro average of $186.
The Nashville housing market is currently a seller’s market, meaning there are more buyers than there are homes for sale. This has led to multiple offers on homes and bidding wars, driving up home prices.
The Impact of COVID-19 on the Nashville Housing Market
The COVID-19 pandemic has had a significant impact on the Nashville housing market. According to a report by Redfin, the pandemic caused a temporary slowdown in the Nashville housing market in March and April of 2020. However, the market quickly rebounded, and by the summer of 2020, the Nashville housing market was back to pre-pandemic levels.
One impact of the pandemic on the Nashville housing market has been an increase in demand for homes with more space. Many people are now working from home, and they need more space for a home office or a place for their children to do remote learning.
Nashville Housing Market Forecast for 2023
Now, let’s take a look at the Nashville housing market forecast for 2023. To make this forecast, we’ll look at data from Zillow and other sources.
Home Prices in Nashville
Home prices in Nashville are expected to continue to rise in the coming years. According to Zillow, Nashville home values will increase by 7.9% over the next year. By August 2023, the median home value in Nashville is projected to be $439,000.
One factor that will contribute to the increase in home prices is the continued population growth in Nashville. As more people move to Nashville, the demand for housing will increase, driving up prices.
Inventory Levels in Nashville
The inventory levels in Nashville are expected to remain low in the coming years. According to Realtor.com, the number of homes for sale in Nashville decreased by 47.7% in August 2021 compared to August 2020.
This low inventory level is expected to continue in the coming years, which will make it a challenging market for buyers. Buyers will need to act quickly when they find a home they like and may need to make offers above asking price.
Mortgage Interest Rates
The current low mortgage interest rates are one reason why the Nashville housing market is so competitive. According to Bankrate, the current 30-year fixed mortgage rate is 3.07% as of September 2021.
It’s difficult to predict what mortgage interest rates will be in 2023, but they are expected to rise slightly. According to Freddie Mac’s quarterly forecast, mortgage rates are expected to average 3.4% in 2022 and 3.8% in 2023.
What Does This Mean for Buyers and Sellers?
If you’re a buyer in the Nashville housing market, you’ll need to be prepared to act quickly and make strong offers. With low inventory levels and high demand, it’s a competitive market for buyers.
If you’re a seller, now is a good time to sell your home. With home prices on the rise and low inventory levels, you’re likely to get a good price for your home.
FAQs about the Nashville Housing Market
What is the median home value in Nashville?
As of August 2021, the median home value in Nashville is $385,000, according to Zillow.
Is Nashville a buyer’s or seller’s market?
The Nashville housing market is currently a seller’s market, meaning there are more buyers than there are homes for sale.
What is the inventory level in Nashville?
The inventory levels in Nashville are currently low, and they are expected to remain low in the coming years. According to Realtor.com, the number of homes for sale in Nashville decreased by 47.7% in August 2021 compared to August 2020.
What is the forecast for home prices in Nashville?
Home prices in Nashville are expected to continue to rise in the coming years. According to Zillow, Nashville home values will increase by 7.9% over the next year. By August 2023, the median home value in Nashville is projected to be $439,000.
