Nashville housing market still booming despite the COVID-19 pandemic

Local realtors staying busy trying to meet demand
Posted at 5:39 PM, Nov 20, 2020
and last updated 2020-11-20 21:25:58-05

NASHVILLE, Tenn. (WTVF) — Even in the middle of a global pandemic, the Nashville housing market remains strong.

"It's red, red hot," said Zelda Sheldon, a realtor with Nashville Real Estate Rockstars with Benchmark Realty. "This is breaking all records."

Sheldon said homes are selling fast, and she is often getting multiple offers for each property.

She said she is staying busy showing homes, like one listed on Avondale Circle, to potential buyers from Nashville and beyond.

"What we are experiencing is people coming in from California or New York where they are faced with COVID pressure and high taxes," said Sheldon. "They are looking to come to Nashville."

The COVID-19 pandemic has some potential buyers looking to get out of rental situations, and quarantining has others looking to change up their living situations.

Intense demand and tight supply has resulted in a competitive market. The latest numbers from Zillow's Real Estate Market Report show in the Nashville area, the number of homes on the market was down 26.2 from last year, while the typical home value was up 6.9% over last year. Rental prices are also up 2.2%.

"We have low inventory and buyers who are looking for properties," said Kristy Hairson, President of Greater Nashville Realtors. "We also have low interest rates. When you put all that together you get a rapidly moving housing market."

Sheldon said she is taking extra steps to make sure potential buyers feel safe looking at homes during the pandemic. She limits the number of people inside a home at a time, and always has hand sanitizer on hand.

"I've learned so much," said Sheldon. "I have to adjust the way I do things to keep myself and everyone safe."

Sheldon said she doesn't see any sign the hot market will be cooling off, and expects it to continue into 2021.