Real estate expert doesn’t think Nashville is in a ‘neutral’ market

NASHVILLE, TENN. (WKRN) — “Neutral” — that’s how Zillow is labeling Nashville’s current housing market, but News 2 spoke with a local real estate expert who disagrees, saying Nashville’s market feels anything but neutral. 

Zillow’s new rankings offer a snapshot of the top markets in the country, including which ones are good for buyers, which ones are good for sellers, and which ones are neutral. Nashville got a neutral label.

“From a 30,000-foot overview, that stat does not surprise me,” said Matt Kirkegaard, owner of Movement Property Group.

However, Kirkegaard said the key is to fly lower than 30,000 feet to see a clear picture of Nashville’s market at this moment in time. With his clients, Nashville doesn’t seem neutral. 

“I just sold a house behind my house, actually. We had seven offers before we hit the market. It went for $60,000 over asking because the rates dropped a quarter of a point,” Kirkegaard explained.

Nashville is one of eight metros out of 50 Zillow labeled neutral, joined by other Southern cities like Austin, Houston, Atlanta, and Charlotte. 

“I love the idea of a neutral market,” said Kirkegaard. “I’m always looking for a win-win. A neutral market would allow me to be in a win-win. I just don’t think we’re actually in a neutral market…I think that we are still really in a seller’s market overall, and the buyers have some opportunity to get in before it gets ugly. That’s what I think.” 

Zillow reported a 17.5% inventory jump since last year, but according to Kirkegaard, we’ll have to build many more homes for Nashville to reach neutral. 

“The reality is is to catch that up, we’re probably a decade out from the inventory coming to where it needs to be,” Kirkegaard told News 2.

To see where other cities rank on Zillow’s chart, click here.