Apr 3, 2024 - Real Estate
Boomers dominate Nashville's housing market
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Baby boomers who are empty nesters are locking up more than 1 in 4 family-size homes in the Nashville area, according to a recent Redfin report.
State of play: The problem for many younger families is that baby boomers don't have much motivation to sell, according to Redfin senior economist Sheharyar Bokhari.
- Baby boomers who own houses are more likely to be mortgage-free or have a low interest rate, according to the brokerage.
- Most of them "are only in their 60s, still young enough that they can take care of themselves and their home without help," Bokhari said in the report.
Between the lines: Residents looking to downsize are facing the same pinch as first-time buyers: High housing costs and low inventory are disincentivizing a move.
Reality check: Seniors are still downsizing, sometimes to luxury apartments.
- Of 1,020 boomers Opendoor surveyed nationwide who plan to sell their home, 85% said they intend to do so in the next three years.
What we're watching: Many young families are renting single-family houses.
- Those who want to purchase a spacious home should consider new construction, especially since some builders offer perks like mortgage-rate buydowns, Bokhari said.
Go deeper: America's homebuyers are getting older.