2023 in Nashville Real Estate: The Good, The Bad and The Ugly
Oof, this year. We’re approaching the end of 2023, and let me tell you, there have not been many ups and downs… With the obvious exception of interest rates. I’m going to make this video short because I just don’t see a need for a long video on this topic, but it’ll be fun and honest and I think you might get something out of it! SO stay tuned, let’s get into it.
2023 has been slow. Like Molasses. I think everyone and their uncle has been waiting for football season this year. I had two open houses for a listing on the season opening weekend and the hosting agent basically got paid to catch up on social media and their shopping list, maybe their fantasy football picks – I guess – because no one came out to see this townhouse, and it’s a good little townhouse. But this is how this year has been for open houses. The busiest open house I had was one where all the neighbors came by because everyone in the community is looking for architectural “updates” they can do and skirt the HOA and the most exciting open house I had was one where the last couple to stop by got rained on inside the front entryway… yes, standing inside the front door, the door was closed. They didn’t buy that house.
But outside the random, the circumstantial, or maybe just some sleight-of-hand this year has not been that exciting for the real estate market. A stark contrast to the last few years where while we were all hoarding toilet paper in sanitized insanity, the market boomed and pretty much everywhere boomed in value.
2023 has been bumpy. But we are not traversing white waters by any means. Agents and customers are having to get much more savvy in terms of their approach to both buying and selling. What I’ve seen is that if a listing comes on market at a price that is obviously high, or even if it’s a fair value but it’s just a higher than average price, the listing will sit for a while – with very few exceptions. But if you list under the market value, there might be some real competition in certain price points.
2023 has been expensive. But sales are also causing me to say, “consistent”? We’ve definitely had a bump in home sales since this time last year, about 7% more home sales in August 2023 than August 2022 in Davidson County. And last summer is really when I saw things begin to slow down everywhere. But to say that house prices have dropped, would be inaccurate. Prices overall continued to rise until this year and have not wavered much. The median sales price peaked at 450,000 and it remains at 445,000 at the time of this video. This is indicative that the market remains strong even amidst the high interest rates, and to me shows faith that those rates will not inhibit sales going forward or cause values to drop.
What will the rest of the year, and maybe even 2024 bring? Who the hell knows, but I will say that for me that this market feels very consistent even when it is slow so maybe that means more of the same? If mortgage rates don’t get better, that’s likely the case. The one very unpredictable thing about 2024 is the pending election. This is going to change things, it’s likely going to make people both excited and frustrated, and wherever you are on the spectrum that is the mullet of middle TN politics, I just hope that you will use me as your agent when you go to make that call. Have a great day, peace be with you. I hope your real estate experience this year was a good one, and if not, let’s work together to make it better going forward! I’ll see you in the next video.
