While we are all EXTREMELY aware of the current macroeconomic environment from somewhat sensationalized headline news, the temperature of any real estate market is often best examined from a local or hyperlocal perspective. A

s active, informed representatives of our clients, transacting within our hyperlocal territories, analyzing and contributing to real time data, we are arguably the most knowledgeable resources when speaking to our subset of market conditions. Let’s take a closer look.  

At any time if you want to speak further, please call, text or email me. 

In Nashville (Davidson County), we saw the number of new listings increase by over 16% MoM to 894 listings. The number of properties sold, 971 continued the downward trend (↓~7%) MoM. And it is no surprise the Fed’s latest 75bps bump, and subsequent stock market sell off froze buyers from signing contracts so 869 contracts were signed in the month of September, down 18%. In Williamson County (Franklin & Brentwood), we saw the same thing. The number of new listings rose by roughly 29% to 477 units. The number of properties sold (436) was relatively constant MoM, while buyer behavior mirrored that of Nashville, with the number of properties put under contract (360) falling about 17% from the previous month. 

Seasonality is partially to blame, but we know interest rates have shot up and mortgage applications are down.

I think Sellers, knowing they missed the top of the market are listing their homes because they still have equity gains to capture. Buyers are still acting quickly to submit offers with favorable terms when a home is priced right. The data shows us: a third of properties are still going under contract in less than 7 days. And multiple offer scenarios are happening for exceptional listings, in tight sub-markets, when priced well. 

For the Buyers who bite their nails nervously on the sidelines either talking themselves out of the market entirely or trying to time it when interest rates and prices find an equilibrium, I say this is short term thinking and you need a new perspective!  

In that mindset, let us examine the trajectory of the Nashville market with a long term outlook. The Nashville Planning Department has a powerful Development Tracker tool if you’re like me and want to geek out looking at proposed plans for the number of projects in the works. Areas of note, the Neuhoff Development, the RiverNorth Project, the 10+ towers working their way through various stages of approval on Broadway and I-440 and SoBro (South Broadway). The city landscape is changing bringing more housing, office, retail, and commercial units. Employment opportunities can range from Bridgestone Americas, HCA Healthcare, iHeartMedia, Nissan North America, to AT&T, Dell, GEODIS, or Alliance Bernstein, UBS, Oracle, Facebook, and Amazon. Tourism, music and entertainment are still big business with 14million people expected to visit the mid-state this year. 

Last month we told you about Amazon putting a hold on their buildout. To clarify, they are still building their second tower – the company is simply taking time to re-evaluate the floor-plans of each plate as they, like most corporations around the world figure out the new work-from-home versus in-office structure of their employees. Remember, TN is an income tax free state. The weather is relatively mild and location allows for easy access to the Eastern Seaboard and panhandle of Florida, 30A. We seem to be 7-10 years behind other Capital cities that have exploded like Denver and Austin. Recognize, life circumstances often require needs to be met quickly – moving for a job, school, family, divorce, death, job loss, hardship – deals close in ALL market environments. Opportunities exist. 

One of the comments I hear often in this business, is “should have, could have…”. I’ve said it myself! Hindsight is always twenty-twenty. When this moment in time passes, how will you positioned in the new landscape? Let's start talking today. 

>> Concrete is one of the most widely used materials on Earth. Every year, more than 10bn tonnes of it are produced; 70% of humanity lives in a structure made from reinforced concrete; and, by 2030, global concrete industry revenues will reach nearly $1tn, according to an Allied Market Research estimate. (FT)

>> Ocean shipping rates on major trade routes have fallen by more than 50% since the beginning of 2022, a potential sign of easing inflation pressures and alleviated supply chain logjams. (Yahoo Finance) 

>> Southern Living has an article highlighting the "Magical TN city that embodies the true meaning of county" FRANKLIN! 

>> Compass Curated is a digital periodical featuring the most prestigious properties. It is worthy of your time and dreams. 

Thank you!