NASHVILLE, TN (WSMV) - Finally, some good news for anyone looking to buy a home. The housing market seems to be leveling out for the first time in over a year.
Strong demand and record-low supply are starting to ease. This month was the first time we've seen the most homes listed for sale since pre-pandemic levels.
NASHVILLE, TN (WSMV) - Even the hot Nashville housing market is not immune to the impacts of…
New home listings jumped 4% last month compared to a year ago. They were also up from this same time in 2019. However, the number of active listings is still down 32% from a year ago, but that’s actually the smallest annual drop since early February.
COVID-19 put a strain on the housing market last year causing low inventory, which in turn, meant bidding wars and homes going for thousands of dollars over asking price. While that's still happening across Nashville, real estate experts say it's becoming more manageable.
"Recently in the past 6 weeks, it has not gone back to normal, as in we can list the house and we can negotiate," says Chip Wilkison, a real estate advisor with Engel & Völkers Nashville. "But the realtor has a better sense of what to ask for over asking to get it."
Now that life is getting back to normal, more sellers are realizing that they can get top dollar for their home, so more houses are popping up on MLS.
As far as what buyers are looking for in a home-- a home office still tops the list.
"One client of mine, he and his wife, they are looking for a home with two home offices because they aren't going back to a building anymore. They're all working from home," explains Wilkison.
Other homes that fly off the market include a spacious front or back yard.
Mortgage rates are also at historic lows, which is also playing into the demand of homeownership.