According to reports from Greater Nashville Realtors, as we wrapped up February and entered March, home sales were down slightly (less than a 2% drop) compared to the same point in 2017.
Inventory of available properties was also down a bit, which resulted in some buyers waiting until spring to purchase a home when they have a larger selection of prospective houses.
However, Nashville is still the It City, which means people are still moving here and buying homes here.
In turn, we have a limited supply of housing, especially in the entry level and median point price ranges. This can make the home search a little more challenging for buyers, but not impossible with a little patience. As usual, we expect the housing inventory to increase as we enter the spring months, and so will the housing competition.
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For all you buyers facing tough competition, you’ll have a few less people competing for homes, as Nashville’s population growth has dropped somewhat (from 108 to 94 per day).
That’s still significant population growth, so if you anticipate starting the home search process this spring, we welcome you to contact us soon to get any mortgage qualifications and other preparations out of the way, so you’ll be in a position to act quickly when you spot your dream home.
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