I realize I’ve been silent in this space for an entire year.
2024 was a tough one, and this extroverted introvert needed to process a lot of life changes.
My husband and I both lost our mothers in 2024, making us without parents and the difficult transitions that come with the end of a familial generation.
Our industry has had a rough year too. NAR’s lawsuit settlement brought turmoil to the industry despite intending to bring closure. Other suits are still in play, the DOJ is still involved, so as a member of the executive board at Greater Nashville REALTORS®, we’ve had to spend a lot of time correcting some inaccuracies in the media and explain to both our fellow REALTORS, and the public, how we move forward to continue helping people build generational wealth through real estate. Resources and FAQs on the settlement are here.
I was installed as the 2025 President of Greater Nashville REALTORS® in November – a year ahead of schedule, and while it was challenging to pivot with 2 weeks notice, the staff and fellow volunteer leadership at the Association are consummate professionals and together we will guide Greater Nashville REALTORS® as a cohesive team.
I navigated my 5th company merger in 5 years; I KNOW! While technically, I am still at the same company with the same agents I’ve been working with the past 3 years, (who previously merged with the brokerage I worked with for the 7 years before that,) I am now a Compass Sales Manager with Parks-Compass⎟Pilkerton. I’m sure that’s all as clear as mud, but in the end, I still get to do what I love with good people, and we are enjoying our new Green Hills offices in the Hill Center above Whole Body and Kendra Scott.
That’s enough about me – how are YOU?! I can’t wait to catch up with you in 2025 and hear how your year has been- the good, the bad, and the ugly. Let’s try and make 2025 a positive one together – we deserve it-Happy NEW Year!
Let’s dig into some market data, shall we?
When interest rates dipped a little in the Autumn, we saw a predicted flurry of market activity after a sluggish year, but I’m cautiously optimistic about 2025’s market. Both Sellers and Buyers are starting to realize that rates in the mid to upper 6% range are here for the forseeable future, and waiting for rates to drop back into 3-4% range is like Waiting for Godot – it may not happen again in their lifetime.
As the level up Buyers and Sellers are resigning themselves to the new normal, their postponed transactions will bring more resale inventory to the 2025 market. Giving up those historically low rates is not an easy thing to do, but life goes on and housing needs are still driven by those pesky D’s (Diamonds, Diapers, Downsizing, Divorce, Death, Debt and Disaster) that can only be ignored for so long. That will be a positive boost to the market for all parties involved.
Homes are also sitting longer on the market, which gives Buyers a little bit of breathing room, with more choice and more negotiating power than we saw in the overheated Seller’s market of the pandemic years.
Affordability continues to be a struggle. There is a common misperception that entry level home availability no longer exists in Davidson County. With the median sales price hovering around $500k, and our minimum wage at $7.25 an hour, home ownership can seem like an insurmountable math problem, but only if you restrict your home search to the more popular areas. What we’ve been seeing in Antioch, Madison, and Bordeaux are prime examples of affordable housing options in both resale and new construction within close commuter distance to downtown. So, there are options available within a first time Buyer’s budget if they are flexible and open to emerging areas.
All in all, I think 2025 will be better for inventory, balance, and uncertainty. Election years stifle the market, and no matter who wins, business tends to pick back up in the new year.
More in-depth analysis of the 2024 year end data can be found in my weekly column for the Tennesseean here (without the paywall).
Stay warm and safe out there.
Until next time-and I promise it won’t be an entire year,
