Nashville Housing Market March 2024
Despite interest rates being a half point higher than they were last February, there were more closings, more homes added to the market, and the highest median price since last July.
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Despite interest rates being a half point higher than they were last February, there were more closings, more homes added to the market, and the highest median price since last July.
January ended with 30 year interest rate averages of 6.69%. After four months of rates above 7%, a second month in a row of rates in the 6’s helped thaw our frozen market.
While we’re still in a Seller’s Market, actual Buyers are experiencing a more balanced market.
While habit stacking helps me remember to apply sunscreen and floss, non-daily habits throw me off. Monthly heartworm pills for dogs and air return filter changes for example.
After it seemed the heat of summer would never end, all of a sudden fall is here. October brings cooler weather and by Halloween we’ll be eyeing our first chance of frost, making the next few weeks the perfect time to tidy up your yard and plant seeds (or bulbs) for next spring. Be it procrastination or my love of a deadline, making a day of it is sometimes the best way to get it done.
How many more houses the Nashville area needs to meet demand is influenced by the cost to borrow. Extremely low interest rates in 2020 and 2021 led to an enormous gap between how many homes our market could absorb and how many were for sale.