Here's what experts say 2023 holds for Nashville real estate
A real estate market crash isn't likely to happen in 2023. Here's what experts say to expect instead.
1. Buyers will have more opportunities.
With rising inventories and longer days on the market, conditions will be easier for buyers, says Brad Copeland, 2023 president of Greater Nashville Realtors.
And for sellers, he says, getting the property "in great condition" and pricing it accurately will be key to making a sale.
- This is already starting to happen, according to Tara DeSelms with Zeitlin Sotheby’s International Realty.
- "[Sellers are] negotiating repairs, paying closing costs for the buyer and being more negotiable on price," she says.
2. The market will balance out.
Interest rates slowed demand the last few months, which has allowed supply to catch up. So as interest rates fall and demand rises again, 2023 should be more balanced than recent years, says Nathan Weinberg, co-founder of MW Real Estate.
3. New builds will be really important.
Even though inventory has improved, there's still a nationwide housing deficit. New solutions will be needed to meet housing demand, DeSelms says.
"If new construction starts are not financed and permitted we may find ourselves in another seller's market sooner than we anticipated," Weinberg predicts.
4. Home prices will steadily appreciate.
Kevin Wilson, president-elect of Greater Nashville Realtors, says median home sales prices will keep growing, but at a slower rate than in 2022.
And for potential buyers who couldn't compete in 2022, 2023 might be a better year with less competition, more concessions from sellers and the option to put 3-5% down, he says.
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