Nashville's Housing Market is Slowing Down, Will it Affect Clarksville Homeowners? Part 1
Nashville is located approximately one hour south of Clarksville, but a sudden shift in the housing market has caused Tennessee’s largest city to experience an unexpected cooling down of their burgeoning real estate market. Will Clarksville be affected by Nashville’s retracting housing market? This is still a relatively new development, so the results have yet to be observed directly, but if history tells us anything, it’s that one slowing market tends to affect those in close proximity. You can expect recent growth in Clarksville’s housing market to follow a similar drop-off like Nashville.
In this two-part series, the home buying professionals at Gateway House Buyers will discuss this important issue and how it will affect Tennesseans statewide, especially in areas like Clarksville which is a popular area for Nashville commuters. Whether you’re looking to pack up and move to take advantage of Nashville’s slowing housing market, or you simply want to sell your home fast, contact our home buying professionals to sell your house fast in Clarksville, TN.
What is Happening in Nashville?
After the value of apartment rents in Nashville experienced a dip last July, putting an end to nearly seven consecutive years of rent increases, Nashville’s housing market as a whole has chilled considerably. The good news is that this slowdown will welcome new renters and buyers into the Nashville area for a more affordable price than past years. Although Nashville’s real estate boom was a considerable boon for the area, residents are pleased to know that Nashville’s cost of living and wage balance will experience some much needed recalibration as home prices re-adjust to levels below the inflated value of today’s market which has caused homes to nearly double in price since 2012.
Jeff Checko, a Realtor with RE/MAX Advantage told the Tennessean, “I’m happy to see that the buyer market is getting a little bit of leverage. Sellers have been too big for their britches. The market is pushing back a little on that.”
How Does This Affect Other Areas of Tennessee?
Although experts admit that Nashville’s slowing housing market isn’t necessarily an indicator of a drawn-out shift in the success of Tennessee’s overall housing market, it does suggest a few important things. First and foremost, cheaper housing means a new influx of Nashville converts from neighboring areas like Clarksville. When a highly desired area like Nashville experiences a shift in its housing market, other areas tend to experience the effect more strongly. Some Clarksville homeowners will undoubtedly try to sell their homes quickly to take advantage of the current dip in Nashville’s housing market.
To learn more about Nashville’s slowing housing market and the effect it will have on areas like Clarksville, read part two.