Clarksville, Murfreesboro rank high for affordability
Clarksville’s 37042 ZIP code once again moved up the surveyor’s ranking for “desirability,” based on housing affordability, tax rate, condition quality of life and other measures.
Opendoor ranked Clarksville No. 1 on its list, followed by suburban Oklahoma City, Houston, San Antonio and Dallas.
Murfreesboro’s 37128 ZIP code ranked No. 10, and Gallatin also made the top 20 for the first time.
“As Nashville’s market continues to perform strongly, its surrounding areas have become the most desirable in the country for home buyers,” said Chelsea Goyer, head of the country in Opendoor. “For the second year running, Clarksville is ranked No. 1 for its affordable housing, low taxes, high quality of life and proximity to Nashville’s entertainment, dining and nightlife. Only 30 minutes from downtown , Murfreesboro is rising in popularity with its affordability and many activities for families. We hope that more towns like Gallatin, which balance a small town feel with convenience and all the amenities of a city many, will continue to rise in rank.
Nashville inventory makes a lot of money
The Nashville-area market saw the largest increase in home sales in December, according to an analysis by RE/MAX.
The local market saw its monthly supply of research jump from 0.6 months in December 2021 to 2.9 months in December 2022, the fourth-highest increase in percentage.
Nashville was followed by Salt Lake City, Raleigh and Bozeman, Montana, in the rankings.
RE/MAX reported that national home sales for 2022 trailed the 2021 mark for all 12 months. National home prices also fell: After 13.9 percent year on year in 2021, the previous year showed 1.3 percent.
“The last three years have each been unique – and 2022 included the fastest growing interest rates and difficult year-on-year comparisons to the extremes of 2021. However, the a historically good year for real estate,” said Nick Bailey, RE/MAX president and CEO. “Looking forward to 2023, the high interest rate environment presents some challenges – but as buyers, sellers and agents adjust their expectations, sales will continue.
Attract families to target markets like Nashville
Yardi expects Nashville to be one of the markets where many new families are being installed.
Fast-growing cities like Dallas, Austin, Charlotte and Orlando will also see a special share of deliveries, Yardi expects. However, the start of the project is expected to fall due to construction costs, lack of workers and permit delays.
Domestic rent growth began to slow, and Yardi expects rent growth to return to historical levels in 2023. In 2022, rents increased by 6.4 percent after growing 16 percent in 2021.
Paying off mortgages in Nashville is a toss-up
The average monthly mortgage payment in Nashville decreased slightly in December, according to Zillow.
According to the company’s analysis, the average mortgage payment in Nashville is $2,254, a 68.4 percent increase over the same index in 2021 but a 1.2 percent decrease from the previous month’s figure.
Nationally, monthly mortgage rates have fallen by more than $100 from their peak but are still almost double the figure from 2019.
It took about 30 days to sell a home in December, compared to six days in April 2022 and 43 days in 2019, Zillow found.
Additionally, 28 percent of homes nationwide sold above list price in November, the lowest mark since June 2020. The figure is still higher than the November 2019 rate. of 21 percent.
“The housing market ended 2022 in a cold, but there are some greens that are pushing up,” said Jeff Tucker, senior economist at Zillow. “The recent meltdown in mortgage rates has begun to attract renewed interest from buyers, and home sales are up again compared to last year. Get used to it – maybe interesting – years.”