We’d all love to see lower rates, but over 6% appears to be the new norm.
“From an affordability perspective, we think 2025 will look a lot like 2024.” Fannie Mae, chief economist, recently shared in their latest forecast. Adding that “sales of existing homes are expected to remain near 30-year lows next year” as elevated mortgage rates keep many would-be sellers feeling locked into their existing loans.
The Mortgage Bankers Association seems to agree. Both are forecasting mortgage rates to decrease slowly in the coming years.
Realtracs MLS data shows that Nashville currently has 5.46 months of available inventory, reflecting a more balanced market than we’ve seen in recent years.
Our boots-on-the-ground experience tells us that attractive, well-priced homes still sell quickly—13% of properties sell over the asking price. Nearly a quarter of all listings experience at least one price drop. The average home sells for about 2% below its final list price and goes pending in around 62 days.
There are still opportunities in any market. If you know someone considering a purchase or sale, we’d love to connect!
