NASHVILLE, Tenn. (WTVF) — We've rounded up the number of homes listed and sold last month.
There were more options this January than last year, but inventory still isn't back up to pre-pandemic levels.
Inventory at the end of January was 8,875, up 4% from 8,572 in January 2023. However, there were more than 10,000 residential properties available in both January 2019 and 2020.
Greater Nashville Realtors Association compiled the data. They said the first month of the year gives realtors a good gauge of what's to come during the year.
Kevin Wilson is the president of Greater Nashville Realtors.
He explained several factors that make it hard for people to find homes in Nashville.
"A lot of sellers have what we refer to as golden handcuffs," Kevin Wilson said. "They have these 3% interest rates that they can't afford to let go of, and so they can't put their house on the market."
The modest back-to-back increases are a positive thing, according to realtors.
Looking at the current inventory, Wilson is fairly optimistic. He says the recent increase is good news for buyers.
"Even though interest rates are higher they have more options to choose from and more negotiating power," Wilson said.
More new construction on empty available land would be helpful.
"If they're just starting out building the product now they can adjust what that product looks like to fit the needs of the buyer and the price points that they can afford," Wilson said.
Fostering Hope provides Christmas for kids in foster care. I'm delighted to see Fostering Hope expand this year to expand their reach to now include kids in Foster care in metro AND foster kids in East TN hard hit by Helene.
-Bree Smith
