Simple Breakdown of the Nashville Market
The Holidays are starting to come up and that means the year is coming to an end. I wanted to make a post about the Nashville real estate market and get peoples feedback on Nashville or any of the market trends and data anyone sees in their market. One thing I’ve been learning over the past few months is that the crazy times we were expecting didn’t seem to occur. However, that’s not to say that there aren’t good deals out there and that all markets are in bad times. I would argue that there are still markets that are churning along and not experiencing the level of price changes that the other markets have experienced. For instance, the market I am based out of, Nashville, has seen relatively low fluctuations in price when compared to other markets. (see data below)
You can see in the Nash 2021, prices were always going up and this is to be expected with most real estate markets in 2021. A data point that sticks out to me for 2022, is the fact that Nashville home prices have actually held relatively well compared to other markets. (see data below)
You can see in Dallas how much prices have fluctuated with the highest price for a month (June) being 34% higher than the start of the year, but you can see from that high of June that prices dropped 13% from those highs in June. The same trends can be said for Atlanta with its highest month being June as well and Nashville in 2022 having the highest month be May. A big difference here being that Nashville’s prices at the end of the year only dropped 4% compared to its high while Dallas dropped double digits and Atlanta almost falling double digits.
Again, these are trends that I am seeing and could make an educated guess that Nashville’s prices are not dropping to the severity of other markets because Nashville simply does not have the same inventory that markets like Atlanta or Dallas have. I grew up in Birmingham AL and saw moving to Nashville as moving to a big city, but Nashville is nothing like Dallas or Atlanta which are giants compared to Nashville which could be one reason why prices are not dropping like other major markets and cities.
Please comment, reach out, give feedback, or correct me if I am wrong. I am always looking to learn more as I continue on my real estate journey. I am hoping to meet and chat with as many people in the real estate profession especially if your active in Nashville market!