In Nashville, Tennessee, more homes were sold than in the entire United States

A recent report from Redfin revealed that the home turnover rate in the United States is the lowest it has been in the last thirty years.

According to Redfin, so far in 2024, 37.5% fewer homes have been sold compared to the pandemic buying frenzy in 2021, and 31% fewer homes than in 2019.

Experts are analyzing the reasons behind this low turnover in the country’s housing market, and they include high mortgage rates, low inventory, rising home prices, and economic and political uncertainty.

Elijah de la Campa, senior economist at Redfin, stated the following in a press release: “Mortgage rates have already fallen more than a full percentage point from their 2024 peak, but we still haven’t seen a significant increase in the number of homes changing hands. Of the homes that were put up for sale this year, many have become obsolete due to a lack of demand, especially homes that needed a bit of extra work.”

He concluded his statement by saying: “With most homeowners locked into low mortgages, rates will need to continue falling steadily for many to feel comfortable giving up the deals they secured years ago.”

Those are the national figures; however, in Nashville, Tennessee, the situation is different, as this city is among the metropolitan areas with the highest turnover rates in the country.

The report found that homes in suburban and rural areas of Nashville change hands more frequently than homes located in the city’s urban area.

Approximately 25 out of every 1,000 single-family homes and condos in suburban and rural areas were sold in the first eight months of the year, compared to approximately 24 out of every 1,000 homes sold in urban areas.

In the ranking compiled in this same report, Nashville ranked third among areas with the highest turnover rates, behind Newark, New Jersey, and Phoenix, Arizona.
According to Redfin, areas like Phoenix and Nashville maintained relatively strong activity during the pandemic, as workers sought affordable places to live and work remotely.

Available Foreclosures:

Nashville: 12 homes available

Newark: 18 homes available

Phoenix: 15 homes available