Most of the US, the greater Nashville area especially, has seen remarkable growth in real estate over the past few years. At the beginning of each new year, trends emerge for the upcoming year in real estate. If you are considering buying or selling your home (or both!) in 2018, here are five forecasted housing trends to guide your buying and selling.
1. Expect Southern cities to lead home sales growth.
Dues to new homes entering saturated markets, we will see a growth jump in cities to the south. It is anticipated growth could be as much as double in southern cities to their northern and western counterparts.
2. Millennials will play a bigger role in the 2018 housing market.
The largest grouping of Millennials is set to turn 30 over the next one to three years, and with a large population, it will predictably increase their spike in home ownership.
3. More homes will be available in 2018 on the market.
For everyone house hunting, this is good news on the horizon! After more buyers than homes available, many prices were driven up by sheer demand. And more homes are predicted to hit the market in 2018. You can expect to see the relief more quickly in homes that are $350,000-plus versus the starter home grouping.
4. Anticipated slowing of price appreciation of homes.
Many US cities, including Nashville, has seen tremendous price appreciation in the past few years. While there will still be steady growth, it will be at a slower pace, except around the starter homes (still a high demand the number of young Millennials hitting the market), as their demand will continue to drive their growth.
5. Some uncertainty around tax reform.
With the passage of the sweeping tax reform bill, it can have pluses and negatives to the real estate industry. What and how is still to be played out in the coming years.
The housing trends continue to be good for home buyers and sellers alike. If you’re looking to buy or sell in 2018, I am here to help you navigate the greater Nashville market.
Warmly, Sarah Milligan