NASHVILLE, Tenn. (WTVF) — Redfin ranked Nashville as the nation’s second-strongest buyer’s market in June, behind only Miami. The company reported 129% more sellers than buyers, meaning there were more than two sellers for every buyer actively looking for a home.
Homes are also taking longer to sell. New listings in Nashville increased 9.4%, while the typical home spent 78 days on the market. Nationwide, listings rose just 0.1%, and homes spent an average of 49 days on the market.
Redfin Principal Agent Kristin Sanchez said years of homebuilding have increased inventory, while higher prices and mortgage rates have reduced demand.
Prices are still rising, but much more slowly than during the pandemic boom. Nashville’s median home price increased 2.8% from last year to just below $500,000 in June.
Buyers who are still in the market have more room to negotiate. Sanchez said one buyer was under contract for $60,000 below the asking price. She also helped first-time buyers purchase a home for $15,000 below its appraised value while getting their closing costs covered.
Sellers are responding by lowering prices. About 17.7% of Nashville listings had a price cut in June, and sellers who dropped their asking price reduced it by an average of 3.4%.
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