Even with Amazon putting construction of their second tower on hold, the number of cranes in the sky and projects in various phases of development throughout the city is undeniably large. As a result, it appears we are incredibly fortunate in the greater Nashville real estate market to be somewhat insulated from the heavy downward pressures read in headlines and seen in other markets throughout the country. Don't get me wrong, we have seen some cooling from just a few short months ago, but not of the magnitude some of our sister cities are experiencing.

In Nashville, we saw the number of new listings decrease month-over-month by almost 9% to 766 listings. The number of properties sold, 1050 was also slightly less (↓~5%) last month, while we saw a 6% bump in the number of properties put under contract in the month of August (1,060+). In Williamson County (Franklin & Brentwood), we also saw a decrease in the number of new listings by roughly 16% to 368. The number of properties sold (419), and properties under contract (435) remained in line with the previous month. Seller’s staying put. Is it back to school seasonality? The thought of cooling markets as interest rates rise and inflationary concerns tighten pockets?

Fewer properties being listed while the number going under contract increased or stayed the same is a recipe for continued inventory struggles. We’re still seeing seller’s list their properties too high and without their best foot forward. Buyers have been in this market for a while. They know what’s out there and have been patient against the headwinds of out-of-town cash buyers with zero contingencies – They’re educated and will pounce on the right listing when it’s presented well both in marketing and price. This is evidenced by the amount of multiple offer situations we’re still seeing despite average days on market increasing to 19 days in August from 14 days in July. 

Bottom line remains the same. SELLERS be realistic and present well. BUYERS stay nimble and on the ready.

Opportunities exist on both sides of this market. The average home sale price in Nashville is up over 56% in the past five years. Markets would have to cool quite a bit to wipe out your equity if you bought anytime in the last 3+ years. If you’re thinking of selling but on the fence, let’s chat about valuations and strategy versus your needs and wants. Sometimes a win is a win – take it! 

I’m bullish on Nashville’s ability to weather this inflationary storm and to come out on the other side relatively unscathed and stronger than ever! The picture above is a clear sign the city is slated for continued exponential growth. 

>>  Mark Wong of COMPASS Silicon Valley reports that their markets remain strong. Buyers have re-entered the market and more people are visiting open houses. At least 20 properties sold for more than $200,000 over the list price in the month of August. Buyers are still out there scouting for "deals".....yet multiple offers are still happening in the area.

>>  Alex Bulljan of COMPASS Burlingame, CA represented the buyer of “The Western White House”, a property with quite the storied past. The Hillsborough mansion was the legacy of George Hearst, eldest son of publisher William Randolph Hearst. In 1930, he commissioned famous Bay Area Architect Julia Morgan (designer of Hearst Castle in San Simeon), to recreate the actual White House in Washington. Hearst purportedly intended to give the Western White House to the U.S. Government or some sort of trust for presidents to use when they visited California.

>>  President Biden signed the Chips Act, kicking into gear one of the federal government’s largest investments in American industrial capacity. The bipartisan law will provide $52 billion in subsidies to chipmakers in the hopes they’ll build their massive foundries in the States rather than overseas, as well as pour more funding into R&D of high-tech industries. Right on cue, Micron said it’ll spend $40 billion on chipmaking factories in the US by 2030.

>>  The US Postal Service approved an increase on parcel rates for the upcoming holiday season.

>>  Amazon is expanding its palm-scanning payment tech to more than 65 Whole Foods locations in California.

>>  The Farmer’s Almanac predicts this year,  Tennessee and Kentucky should brace for unreasonably cold weather and snow that will be shivery, wet, and slushy.