Nashville housing market Q3, 2022 By Marqueze Williams
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ashville is the capital of Tennessee Valley in the United States. It is known for country music, thus the nickname Music City. In terms of population, the city has snowballed and is the 20th fastest growing MSA in the U.S. Population growth affects the real estate market because it calls for more houses to be put up. REAL ESTATE MARKET Nash Ville is foreseen to break a record between July and September regarding sale prices. January 2022, the median home sale value was at $400,000, but the cost escalated to $450,000 in April . The supernova city is on a tear, and the prices are relatively affordable compared to other cities in the U.S. Over the last years, people have flooded in to escape high living costs in other states. Real estate investors have experienced good times, more so on rental properties. The median rent for Three bedroomed houses ranges at $1985 and has increased by 10% yearly. Housing market Since 2012, Nash Ville has been performing well in the housing market. The home values have increased by 142.8% over the last ten year. The median price listing of houses is currently at $395,882, rising 24.3% yearly. The annual appreciation rate of housing was 8.27%.
Last year, however, the yearly appreciation was at 15%. In the first quarter of 2022, the housing market went a bit low at 6.26% housing appreciation. The second quarter has shown improvement, which is foreseen to continue to the third quarter of 2022. House prices are expected to go up by 27.48% next year. INVENTORY LEVELS Like in other states, there is an imbalance between demand and supply where the city is experiencing high demand more than the supply available. In such conditions, the market automatically becomes a seller market, which increases home prices. Other reasons leading to a low number of houses are the high construction cost in the city, especially after the Covid 19 struck the market. However, in 2022, the homes have experienced a 12% increase in inventory levels which still cannot sustain the Nash Ville market. COMPETITION AMONG HOME BUYERS Competition is stiff in the market, and thus, buyers are encouraged to keep their ducks in a row. By saying so, it means having pre-approvals ready and all other documents required in home buying to increase the chances of owning a home. At the beginning of 2022, the first three months experienced low sales, and property stayed in the market for more days compared to 2021. February, for instance, homes remained in the market for 35 days. The second quarter JULY 2022 | 111
