Nashville's Housing Market is Slowing Down, Will it Affect Clarksville Homeowners? Part 2
After seven consecutive years of rent hikes and rising house prices, Nashville’s burgeoning housing market is starting to lose steam. Nashville is following the same pattern as growing markets like Denver, Seattle, and Los Angeles, which are characterized by housing markets that are beginning to show signs of exhaustion while maintaining price levels far above the historic pace.
In part one of this two-part series, we began discussing how people who buy homes in Clarksville, TN will be affected by Nashville’s retracting market. Now, we will discuss more effects of a shrinking housing market.
Tennesseans Want More Apartments
Rent in Nashville and surrounding areas is finally decreasing. The median rent in Nashville was $1,490 last July, which was a $4 decrease from the previous July. This small change is significant because it breaks a seven-year span of rising rent prices in Nashville.
If you live in a neighboring area like Clarksville, you might want to consider selling your home to a professional home buying service like Gateway House Buyers, since the current shift in the market indicates that the demand for apartments is rising while the demand for traditional houses is slipping. Despite a shrinking housing market, Nashville is slated for seven new apartment buildings featuring 1,864 units through 2020.
The Nashville Downtown Partnership stated in its July residential report: “The latest supply of market-rate units delivered downtown has caused downward pressure on rates. The Nashville MSA is still under-built with apartments and can absorb 13,800 more units by 2020.”
Cheaper Homes Are Gaining Popularity
Today’s market is filled with young buyers looking to purchase their first home, so it comes as little surprise that cheaper homes are gaining popularity. The annual increase in housing prices has finally started to decline, but the housing market is still inflated. If you’re currently living in a large, expensive home, you may find it difficult to sell your home on the traditional market. Fortunately, our company, Gateway House Buyers, buys homes of all ages and conditions. That’s right, I buy houses in Clarksville, TN, and I’m interested in purchasing your home today.