Will Nashville Remain a Real Estate Powerhouse?
By Katie Wainman | August 31, 2020
It is no secret that Nashville, TN has experienced tremendous growth in the last few years. It even made its debut on the 10th annual Top Moving Destinations list published by Penske Truck Rentals in 2019. So how has Nashville’s real estate market survived during the difficult times we have experienced in 2020? I recently spoke with two local Crye-Leike Realtors to get the current scoop on Music City.
To understand how the market has grown, it is important to first understand what really attracts people to this city. Although Nashville is commonly known for its live music and classic honkytonks, residents benefit from many other attractions throughout the surrounding communities.
“Nashville has something for everyone,” said Crye-Leike Realtor Debbie DeLoach. “There’s culture, outdoor activities and entertainment. We have sports, concerts, festivals and great shopping. Everyone here looks out for one another and is so eager to help when needed.”
With a steady influx of residents, and despite obstacles faced during COVID-19 shutdowns, the Nashville real estate market continues to be an industry powerhouse. According to the Greater Nashville Association of REALTORS, there were 4,703 closings during July 2020, resulting in approximately 500 more closings than reported in July 2019.
“Currently, the Nashville market is extremely fast-paced for listings in all price points,” said DeLoach. “Due to a reduction in inventory, buyers have to be ready to buy the day a house goes active.”
Buyers and sellers alike are taking advantage of the current low mortgage rates and inventory shortage, leading many to think, “What will happen next?” Although it is impossible to predict what we will experience in the second half of 2020, industry leaders are remaining optimistic for Nashville’s market.
“The new mobile, work-from-home workforce sees Nashville as a potential long-term destination,” said Crye-Leike Realtor Justin Floyd. “On top of that, there are more cranes right now than just about any metro in the country, bringing in more new businesses and new residents to this city.”
Nashville seems to offer a little bit of everything to the people who call it home. This fast-paced, seller’s market means it is important now more than ever to use a trusted Realtor, whether buying or selling. Transactions are happening quickly, and you do not want to miss the action.
“Being part of the booming growth has been exciting,” said Floyd. “You’re certainly not too late to enjoy it, too!”
To take a closer look into the market trends and housing opportunities in our Middle Tennessee communities, please visit https://www.crye-leike.com/neighborhoods/tn/nashville-region.
ABOUT CRYE-LEIKE: Crye-Leike Real Estate Services (www.crye-leike.com), a full service real estate company for over 40 years, is ranked as the third largest independently-owned real estate firm in the nation and the largest serving Tennessee, Arkansas, Mississippi and the Mid-South. Crye-Leike has more than 3,200 sales associates, over 800 employees and 140+ company-owned and franchise offices spread across nine states. It generated $6.5 billion in sales volume and 29,925 closed transaction sides corporate wide in 2019 – its biggest year ever – and is on track to achieve the company’s goal of $6.8 billion in sales volume this year.