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Current Real Estate Trends

The real estate market is full of turbulence, causing those buying and selling homes stress. While the real estate market is not quite performing optimally, there is still plenty of hope for those entering it. Cities such as Atlanta, Georgia and Houston, Texas are experiencing lulls in the real estate market. However, Nashville (and surrounding areas) is still experiencing high rates of relocation, which is serving to boost real estate sales.

The cost of living is moderately low in Tennessee, further boosting real estate sales. While new construction is slowing, we are still not seeing a significant drop in the value of many properties in Tennessee. Unemployment is a significant issue in the state of Tennessee, but our statewide rates are improving compared to other states. Similarly, condominium sales in Nashville are gaining momentum, and have been since 2009. While many real estate trends are speculative at best, it is clear that Tennessee has a right to be hopeful for the future of its real estate market. Overall, the current real estate trends in Nashville, and the rest of Tennessee, give reason to be optimistic.

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Home Sales Start with a Bang in 2010

Home sales were up 6% in January 2010 over the same period in 2009 with 1,033 home closings. Condominium sales were also up the first month of 2010 from last year. If you were a lucky buyer, you most likely got a better deal this year than you would have last year since the average median price in January was $159,000, down from $165,000 in January 2009. The condo medium price was $154,550; also down from $165,000 last year at this time. Another difference is the inventory numbers. They were up last year and are actually down over 275 and at the end of January there were 22,233 units on the market.

This is all very good news and it looks like the first time home buyer’s credit has worked during the past year and continues to work now. It’s really a very good time to purchase a home as prices are down, interest rates continue to hold at near historic lows and, as long as you have a house under contract by the end of April, there are government tax credits available to you whether you are a first time, a move up or move down buyer in the market. We don’t expect this “perfect storm” for buyers to last much longer so the time is now.

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