Nashville, TN housing market

Nearly a quarter of Nashville home listings have already cut their price, and that tells you most of what you need to know about this market. Sellers are testing higher numbers, and buyers are not biting. The typical Nashville home is now worth about five hundred seven thousand dollars, down roughly 2.3 percent from a year ago. At the same time, the median asking price is around five hundred ninety-four thousand dollars, a big gap above what homes are actually valued at, which helps explain why the average listing is sitting about 63 days before going under contract. There is also plenty to choose from, with more than three thousand four hundred homes on the market. Put it together: supply is up, values are drifting down, and overpriced homes are the ones lingering and then cutting. For buyers, that means real negotiating room. For sellers, the lesson is simple. Price to today's market from day one, because a home that starts too high will likely sit for two months and sell for less anyway.