NASHVILLE, Tenn. (WKRN) — A new report from Zillow predicts home prices will rise this year in rural Middle Tennessee, but will fall slightly in larger cities like Nashville.
News 2 interviewed two real estate agents about their 2024 predictions for the local housing market. Although they don’t predict a bidding war in 2021, competition for land in Middle Tennessee could become even more intense.
“I think rural real estate will be in demand as much as it has been in years past,” said Erika Kure, a real estate agent with Benchmark Realty. “There are still a lot of people who want to live here.”
In 2023, many buyers and sellers focused on affordability. As a result, many potential sellers don’t put their homes on the market because they can’t afford the next home they want. This meant fewer options for buyers.
Kure said the same conversation could continue in 2024. Some people are now turning to rural areas to find a home.
“Rural real estate has become very much in demand in recent years, and the prices and values of rural real estate have also increased. The reason is that there are so many people looking to escape from the city,” said Kure. Told.
Zillow predicts prices will drop slightly in urban ZIP codes near Nashville. However, one real estate agent said lower interest rates could halt the price decline.
“As we all expect, and as we’ve seen in recent weeks, interest rates will continue to fall in 2024,” said Jon Jones, owner and broker at Jon Jones Real Estate. Stated. “My prediction is that there will be more buyers in the market and prices will rise.”
When it comes to the rural vs. urban debate, some real estate agents argue that the cost of the land is the price you pay for the lifestyle.
“If you want to keep goats, pigs, chickens, you can’t really do that in a densely populated area. So the countryside is a really big draw for a lot of people, especially coming from densely populated areas.” It’s the region,” Kure said.
As people look for a way out of the cities, the country offers the added perks of affordable development prices and less overall red tape.
Zillow predicts more people will live in rural areas like Lawrence and Coffee County, but they’re still cheaper than Nashville.