Mahoney Knows Homes: The Slowest Housing Market in the US

It was announced this week through Realtor.com and other news sources that Nashville is now ranked #1 as the “slowest housing market in the nation”. You’d think we are living in the twilight zone reading this headline, but it’s true! Well.. somewhat, at least.

Unless you reside within a cave, you’ve heard that Nashville and the Middle TN housing market has been a “hot market” throughout the recent years. The headline suggests the market has slammed on the brakes, but in reality - things are only slowing down.

So what does “slowing down” mean exactly? Well, in the case of Nashville, it means returning to a pace more in line with the rest of the country. A year ago, the average Nashville home sold in about 32 days. Today, it’s roughly 52 days. That’s certainly slower than a year ago, but it’s a far cry from a housing market that’s come to a standstill.

One of the biggest takeaways from this report is that the biggest hurdle when selling your home isn’t the slower market, it’s pricing your home like it’s still 2021.

For the first time in several years, we have accumulated months of data from a relatively stable housing market. Home values are no longer jumping by tens of thousands of dollars with each passing season. Instead, prices have largely stabilized.

That’s good news.

A stable market creates more predictable home values for both buyers and sellers. The days of buyers waiving contingencies, bidding tens of thousands over asking price, and competing with a dozen other offers are largely behind us. Today’s buyers have more options, more negotiating power, and more time to make a decision.

That doesn’t mean sellers can’t achieve an excellent result. In fact, many homeowners have built substantial equity over the past four to five years and can still realize an outstanding return on their investment. The key is recognizing today’s market for what it is and pricing your home accordingly. Homes that enter the market at a realistic price are selling, and in many cases still selling fast! Homes that are priced based on yesterday’s market are the ones earning Nashville its new headline.

If you have thoughts or questions regarding the current real estate market, or would like to know how to maximize your home’s value when it comes time to sell, please give me a call!