Looking ahead at Nashville real estate in 2025

As we finish out 2024, real estate experts say Nashville is headed towards a balanced market. News 2's Audrey Mayer speaks with a local real estate broker about how the market fared this year and what to watch out for. In 2025, after a red hot sellers market in the COVID and post COVID world all the way to interest rates spiking in 2022 real estate broker Jeff Checo says he thinks the Nashville real estate market in 2025 is headed on a path toward normalcy. We saw signs of things returning to a typical seasonal market this year with interest rates getting back into the sixes in the mid sixes. And then it was kind of one step forward, one step back, one step forward, one step back again, and we're hoping that in the coming year we get something kind of normal for the first time in about half a decade. In 2024, we also saw some of the most aggressive rent concessions the metro area has ever seen, according to apartment insiders with some apartment complexes shelling out up to four months of free rent. I do think rents are going to continue to stay steady with those incentives until we reach an absorption phase. And there is inventory and that will allow people to raise rents. But with all the jobs coming into Nashville, you're going to continue to see people being bold in adding units to our overall mix of unit count, especially in the downtown corridors. In terms of what we could see in 2025 and beyond, Checo says growth is still on the horizon. These those social media pictures of the skyline from 2000 and you know 10 years ago and 15 years ago versus now and I really, you know, the proof is out there in terms of projects that are coming in the jobs that are coming that we're going to see the same type of growth in the next 10 years and some people, myself included, but think we might see even more. And if you're planning on making any big moves in 2025, Checo says to keep an eye on interest rates, the Central Bank has cut rates three times in 2024, but predicts lowering rates at a slower pace next year. Kenley alright, thanks so much, Audrey.