NASHVILLE, Tennessee (WKRN) – After a few years of unprecedented demand, the Nashville housing market is showing signs of cooling, but not by much.
The market remains hot and is among the ten hottest real estate markets of 2022, according to a new study by Quicken Loans.
Out of the 18 hottest markets, Nashville comes in at number 10, meaning home values are rising faster here than the rest of the nation, but we’re now beginning to see a plateau.
We also fall further down the list.
Earlier this year, Zillow ranked Nashville as the sixth hottest market; a year earlier it was third.
Amanda Peterson, a broker at RE/MAX Advantage’s Ashton Group, said this is a trend that isn’t necessarily going in the wrong direction.
“I don’t see it as a negative,” Peterson said. “Maybe not so many people are pushing here from other places. Now we have some of the locals who have what they love about Nashville, and they can move into some of these homes as that market has calmed down a bit.”
According to Greater Nashville Realtors, the median price for a home in April was $480,000.
The rapid rise in mortgage rates and large gains in home prices are pricing out buyers.
Realtor.com shows that a typical mortgage payment is up 57 percent year over year, which translates to $720 more per month.
“I think some people who’ve shopped here have slowed down just because things were so competitive — it was — and sometimes that pulls people away,” Peterson said. “We haven’t really slowed down. We’re just waiting for the next big human boom.”
News 2 reports on Nashville’s historic growth and growing pains. READ MORE about Nashville 2022 →
https://www.wkrn.com/special-reports/nashville-forward/nashville-ranks-in-top-10-of-hottest-real-estate-markets/ Nashville ranks in top 10 of hottest real estate markets