As we reflect back on the year that was in Nashville real estate, it’s safe to say 2015 was a great year overall for the industry. Although there were some challenges we had to overcome here and there, that’s generally to be expected, but with job and population growth steadily on the rise here in Nashville, it looks like 2016 could have just as bright of an outlook.
Keeping in mind things change in a hurry, especially when it comes to housing and the local Nashville real estate market, here’s an early look at what to expect through the first part of 2016:
More Young Home Buyers Will Enter the Market
Rates are still low and Millennials are becoming more and more confident, which almost guarantees we’ll see a spike in young home buyers making the transition from renting to owning sometime in the new year. And if you are thinking about buying for the first time, don’t wait too long, as rates mortgage rates will inevitably increase at some point in ’16.
Price Growth Should Continue
Home prices in Nashville were on the rise in 2015 and with more people and more jobs rapidly moving to Nashville, expect prices to steadily increase over the next 12 months. If you’re thinking of selling your Nashville home, 2016 might also be a great year for that too, so keep that in mind!
Inventory Will Still Be Limited
Although the Nashville metro area is among the top U.S. cities for adding the most housing since 2010, inventory is still somewhat limited in many parts of the area, and especially around downtown. 2016 should bring more construction starts, which will help, but if you’re actively looking for a place to live, get pre-approved and ACT FAST if you find something you like.