Has the Midstate real estate market slowed? This is a question asked by potential buyers hoping the answer is “yes.” And there are some signs that point in that direction.
Don’t be fooled.
Last week, the house at 4317 Wallace Lane sold for $4 million, $100,000 more than list price. And it sold in mid-month in its first day on the market.
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In normal times, such a sale might receive good placement in the Wall Street Journal. In 2022 Nashville, some might think it should have sold for more and the fact that it didn’t is a sign the market is crashing.
No, this is not the real estate market spiraling downward. That would be the stock market. In fairness, the stock market needed a correction. It will rebound someday. The housing market in Nashville only corrects itself in Recessions, and we might be headed there.
As far as Nashville real estate goes, now is not the time to anchor down.
While scads of houses sell for hundreds of thousands of dollars more than list price, many are selling at list price, slightly below or slightly above, the higher prices resulting from three years of bidding-war sales that are now the comps – comparable sales – on which the new prices are based.
The Wallace sale is a good example, selling for $625 per square foot. The husband-and-wife team of Franklin and Lana Pargh, both stars with Compass, listed the house at a price that benefited from the last two years of real estate wildness.
Jake Griffin of Village, realizing the freneticism was built into the pricing from past sales, offered just enough to get the buyers their house without wrecking their pocketbook. The house, in keeping with current sales in the area, sold for much less than a similar house two blocks away in Belle Meade would have.
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Richard Courtney is a licensed real estate broker with Fridrich and Clark Realty, LLC and can be reached at email@example.com.