Homebuyers in Nashville may find it easier to acquire properties in 2018, as prices may fall due to an increase in sales, according to Realtor.com’s forecast.
The expected drop will take place as sales in Northern Tennessee have inched closer to setting another record year, with transactions amounting to more than $1 billion.
Selective Price Drop
While prices may drop next year, it could only be for select properties. Realtor.com expects prices to fall for listed properties worth more than $350,000. Prices for entry-level houses may take longer before dropping, mostly because supply remains tight in this segment.
Most first-time buyers have acquired starter homes at a pace that has not allowed construction to keep up with demand. Low-interest rates from mortgage companies in Nashville such as Mortgage Investors Group and other lenders have also influenced the quick pace of closed deals.
According to the Greater Nashville Realtors, the number of sold properties reached 3,177 in November. Residences, which had a median of $285,000, accounted for a majority of these transactions. It took 29 days for a certain listing to disappear from the market.
Northern Tennessee Market
If you intend to expand your search, the market in Northern Tennessee may provide you with a higher chance of finding a house. The residential sector may achieve another record year of sales worth $1 billion, according to the Northeast Tennessee Association of Realtors.
Almost 500 houses exchanged possession in November, up 7.6% year over year. The average price of a single-family home during the month also fell to $169,452. While this is good news for first-time buyers, homeowners may want to hold off on any sale until prices move upward.
It remains uncertain whether home prices in Nashville or Northern Tennessee may increase in 2018. If you still struggle to buy a house, you should consider applying for home loans or other types of financing plans.