It’s been an up and down 12 months in Nashville real estate. Prices are about where they were 12 months ago, but we’ve experienced a massive spike and then a similar drop since then. Over the next couple months, our YOY numbers will continue to look more and more grim as they are compared to the record breaking prices of last spring into last summer. It doesn’t mean we are currently in a free fall though. We expect we’ve experienced the majority of the price settling, and our best guess is that over the next 12 months prices will remain relatively flat with the possibility of small increases or decreases. If mortgage rates fall back into the 5s, that will likely increase buyer demand in a relatively low inventory market. This added buyer competition could raise home prices again, though likely not as dramatically as we saw last year.
