Although just about every segment of the Nashville real estate market is thriving right now, sales of homes priced $1 million and over dropped 4% last month nationwide, according to recently released numbers from the National Association of REALTORS®.
While NAR’s chief economist attributes the decline to stock market volatility seen right around the time of Brexit, other housing experts are starting to wonder if a slowdown is on the way for luxury housing through the U.S.
Places like San Francisco, the Hamptons, and some of Seattle’s hottest suburbs have all seen fairly significant drops in home values, with San Francisco easily seeing the most significant decline of 11%.
But as the luxury real estate market softens a bit, home building throughout the country, and especially here in Nashville, is definitely on the rise, with many builders now shifting their focus towards entry level and middle-of-the-market homes.
Inventory for such properties remains tight just about every where in the country, even despite the rental market remaining red hot in most major cities around the country—Nashville included.