What’s Up with The Housing Market in 2019

The supply crunch is expected to ease some in 2019 with inventory rising 10 – 15 percent.

There’s still a lot of good news in housing, especially in Nashville. Nashville is one of the hottest housing markets, so our prices haven’t fallen, even if the bidding wars have eased up. It is expected that home values and rents will outpace the nation in 2019, due to strong income growth, good job opportunities and low unemployment rates. So, Nashville is a strong number 8 on the list of “top ten cities for 2019 “. In Nashville, the median home price tops $300,000. Nashville is a hotbed for tech, health care and aerospace companies, and the vibrant downtown is a millennial magnet.

New home construction is projected to increase by 8% in 2019.

As population growth fuels an ever-increasing demand for homes, the construction industry will likely become one of the fastest-growing industries, with a 4.5 percent projected growth rate over the next 5 years. Construction revenue is expected to exceed $1.5 trillion in 2022, with residential building accounting for $571 billion.

According to the Greater Nashville Realtors: “Our local economy remains strong, and interest rates remain low which are positive for the real estate market.”

If you’re a seller: Price your home realistically. “t’s still a seller’s market, just not as frenzied as it was last Spring. Sellers need to be mindful of competition, especially for more expensive properties.

If you’re a buyer: Don’t worry about going slow when making decisions. Buyers can take time to find the home that fits into their budget.

At Poplar Hill Realty, We know from experience how to guide our clients through every phase of a real estate transaction. We understand the market and the countless decisions clients face which allows us to provide expertise and recommendations that lead to the best outcome.