On July 31, along with other area real estate agents, we heard from Edsel Charles, founder and Chairman of the Board for MarketGraphics®. He shared his predictions for the Nashville real estate market.
Edsel Charles spent the 1970s and 80s helping build and develop $100 million-dollars worth of single-family homes in the United States. He has long roots in the greater Nashville area, including starting MarketGraphics® in 1988. It is in 21 markets over 18 states and provides research about real estate markets. Using their data and research, predict the upcoming market ebbs and flows.
Mr. Charles knows real estate and real estate markets. And the research MarketGraphics® predicts the top of the Nashville market to be May 2019. And looking into the next 10 year, May 2020 might see the start of a downturn in the Nashville market. Also in May of 2020, Mr. Charles predicted mortgage interest rates to go up to 6 ¼%.
The good news is Mr. Charles predicts that Nashville will experience a shallow downturn, lasting only until 2022-23. During the downturn, he predicts a total drop in value of 14% over that time. By 2023, we will be coming out of the downturn, and the market will continue to grow until 2027-28.
Currently, the biggest issue we face in Nashville is the SUPPLY of homes. So, sales have been slower simply because we have fewer houses on the market. If you are looking to buy or sell in the greater Nashville area, and you want to talk through timing and what these predictions might mean for you, I’m happy to meet with you.