The Nashville housing market is one of the hottest in the country right now — and sellers are in the driver’s seat.
Those looking to sell are reaping the benefits of a hot market — like the owner of this 2,160 sqft East Nashville home that sold for $175,000 over listing price — but what does it mean for buyers? Local real estate experts warn this isn’t a bubble waiting to burst, it’s a market correction with no immediate end in sight.
The good news (for buyers) in Davidson County? Despite home values being up nearly $32,000 year-over-year, around 66% of homes are selling at or below list price. In Williamson County, it’s a different story. From mid-April to mid-May, 58% of the 300 homes sold went for above list price.
Still, local realtors say home buyers are getting creative with their offers. Some buyers are submitting competitive offers based solely on virtual home tours. In more extreme cases, they are wooing sellers with celeb meet-and-greets + Peloton subscriptions (yes, both happened in the Nashville area).
And while most buyers don’t have celebs on speed dial, some relief is on the way. A recent study by Realtor.com reports 10% of homeowners across the US plan to sell within the next year, boosting the supply of homes needed to drive prices down.
This is good news for prospective buyers like reader Hannah E., who wrote in about her experience navigating the market, from bidding on a Spring Hill home that closed for $80,000 above asking price to losing properties to cash buyers from other states.
Is there anything buyers can do to boost their chances in a sellers’ market? The Greater Nashville Association of Realtors recommends staying up-to-date on inventory and trends + being as flexible as you can to meet the seller’s needs.