NASHVILLE, Tenn. (WKRN) — Homeownership has long been part of the American dream. In Nashville, that dream is starting to feel just out of reach for many would-be buyers.

"I think we are seeing people be more cautious," local realtor Kelly Ladwig said. "I think for the first time in a really long time we have a much larger supply in homes than we've seen."

Ladwig said one of the biggest shifts is the current supply-and-demand imbalance.

"Right now, there's 500,000 more sellers than buyers nationwide," she said. "So that changes the narrative quite a bit from where we were from a couple years ago."

From high interest rates to rising home prices, many buyers are simply rethinking their plans. Some are choosing to sit out the current market altogether.

"We got a lot of people waiting to see if rates are going to go down," said Ladwig. "I think there's just a sense of caution that we haven't seen in the last five or so years."

According to Realtor.com, homes in the greater Nashville area are now taking an average of 52 days to sell. That's 20 days longer than this time in 2024, putting Nashville among the slowest housing markets in the country.

Still, Ladwig said buying isn't off the table, but it just depends on the individual.

"There's always a good time to buy something, and I think you just need to figure out if it makes sense," she said.

News Source : https://www.wkrn.com/news/local-news/nashville/potential-nashville-home-buyers-are-pressing-pause-amid-high-interest-rates-rising-prices/