Nashville is one of the top housing markets for buyers
Home sellers in Nashville outnumber buyers almost two to one, according to the latest estimates from Redfin.
Why it matters: It's a buyer's market in real estate, if you can afford it. The swell of options on the market is a major reversal from just a few years ago, when homebuyers were desperate to find a place to live, sending prices into the stratosphere.
The big picture: The trend is happening nationwide, but Nashville provides an even starker example of the shift. Middle Tennessee is one of the top 10 buyers markets in the country, according to Redfin.
By the numbers: There were 90% more sellers than buyers in the Nashville area in April, per the data. The national gap is around 34%.
The trend toward more sellers in the market is the strongest since Redfin started tracking the metric in 2013.
Flashback: Just two years ago, the dynamic was flipped, with buyers outnumbering sellers.
Between the lines: A buyers market offers shoppers more options and leverage to negotiate on price. Indeed, nearly two-thirds of homes in the Nashville area sold under asking price in the first part of the year, per Redfin.
Reality check: Buying a home is still far out of reach for many Nashvillians. A report released earlier this year found that buyers had to make $120,000 annually in order to afford the median-priced home in Middle Tennessee.
A one-two punch of still high home prices and high mortgage rates has made it hard for buyers, especially first-timers, to find a place they can afford.
Add to that the extreme economic uncertainty of 2025, when tariff news, layoff fears and layoffs have tamped down buyer demand.
State of play: The median price for a single-family home in the Nashville area in April was $467,178, which is about even with the price a year ago, according to Redfin.
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USA Today
11 hours ago
- USA Today
Rocket Mortgage is buying Redfin. We got the CEOs to break it down.
Rocket Mortgage is buying Redfin. We got the CEOs to break it down. Show Caption Hide Caption How to clean your carpet and rugs properly Rugs and carpets can trap odors. Here's how to clean them properly. ProblemSolved, Reviewed In March, Rocket, America's largest mortgage lender, announced plans to buy Redfin, a national brokerage that's spent its 20-year history trying to 'redefine' residential real estate. There are big numbers involved: Redfin's website attracts nearly 50 million views every month; Rocket says it handles more than 100,000 calls every day. The deal is worth nearly $1.75 billion. But Redfin CEO Glenn Kelman and Varun Krishna, CEO of Rocket Companies, say the consumer is at the heart of the deal. 'Homeownership is fundamentally a human business,' Krishna said during a May investor call. Still, the tie-up comes at an auspicious time. As USA TODAY has reported, there are deep fissures in the industry about how much control any one company should have over how real estate listings are shared publicly and who should represent buyers and sellers. At the same time, higher-for-longer mortgage rates and elevated home prices are fraying the American Dream, and making profits and margins challenging, as Kelman memorably noted in a 2024 call with analysts. USA TODAY sat down with Krishna and Kelman for one of their first joint appearances since the announcement. This conversation has been edited for length and clarity. USA TODAY: What does the acquisition mean for consumers in the housing market, for buyers and sellers? Varun Krishna: Today when you think about the process of buying or selling a home, the consumer sort of gets handed off from industry to industry to industry. One industry helps them with the process of searching for a home and working with a realtor, another industry helps them with the process of financing. Within that, there are industries that help them with things like title, insurance and then they get kind of handed off into the servicing business where they spend a lifetime handling things like property taxes, their monthly payments and their escrows. And the whole process is just so complicated. It takes time, it takes energy, it's expensive. What we want to do is fix that. We want to take something that is expensive, manual, and antiquated, and we just want to make it all seamless and frictionless, and ultimately create more savings and value for the Kelman: The central economic problem that people under 40 have is that they don't believe in the American Dream anymore. They can't afford a house, they get lost in the process, they get overwhelmed by the fees. They're spending half their down payment on the broker and the banker. And I do think we can fix that. USA TODAY: The start-to-finish real estate experience has been a Holy Grail for a long time. We've all been saying for decades that it's antiquated. And at this particular moment in time, there's a lot of spirited debate in the industry over how much of the process any one company should control. You have one big player in the market saying that they want to have the listings in-house and they want to be able to represent both sides of the transaction. And there have long been questions about how much any professional should be able to steer business to others. We want consumers to get professional help but how do you walk that line between wanting them to also be able to choose who represents them? Krishna: The problem with the homeownership experience is that there isn't any transparency. It's difficult to figure out whether the realtor that you work with has your best interest. It's difficult to know that you're getting the best rate. It's difficult to understand where you stand in the process, how underwriting works. It's difficult to understand how your loan gets licensed and then serviced and then passed off to another I think the fundamental issue today is there's an illusion of control, that there's any choice at all. And that the fee structures make sense, and the way that the consumers have to choose and what they get to choose… it's a little bit of a fallacy today and we want to improve that.I mean, that is our fundamental ethos is exactly that consumers deserve better. They deserve a system that is more transparent, they deserve to have better rates, they deserve to pay lower fees, they deserve to be able to get into a home faster or sell a home For me, it's really hard to give the consumer a better deal when the title company, the broker, the banker, and the servicing company are all fighting for the customer. We're going to give customers a choice. They can work with a Redfin agent, and then a different banker. They can work with a Rocket banker and then a different agent. But our hope is that by working together, we can give the consumer such a better experience and such a lower fee that what they'll want to do is work with us. But if you keep these industries at each other's throats, where we're all spending money to get the same customer, you're never going to make the industry more efficient. And that's why the consumer is still paying so much every time she moves. USA TODAY: There has been a lot of experimentation, a lot of companies spending a lot of money on big bets, you know, Redfin starting with salaried agents, the iBuyers like Opendoor that buy homes directly from owners, Zillow Offers. Why is it so hard to get the model right? Kelman: I think the consumer is really traditional. It's an infrequent purchase, so once a decade you move and usually you call on a neighbor to help you handle the sale, or you hire your uncle as a real estate agent. Also it's a cooperative industry. So anytime you have a disruptor, the consumer has to worry. When she puts a Redfin sign in her yard, will other buyer agents want to show that listing? You have to worry when you have a RE/MAX agent representing the buyer: will other listing agents really tell that agent what's going on in the deal? Any time there has been a disruptor, there has been an industry reaction and so the challenge here is finding a way to take a very fragmented industry and make it work together better. Krishna: I think part of the reason these things are hard is when you disrupt any kind of hyper-local dynamic, whether it's commerce, real estate, or financial services, you have local fragmentation, word of mouth. You have a diversity in the landscape of how people do this job, where some people sell one or two homes and others take it as a full-time profession. You have varying levels of I just think that most of the companies building technologies in this industry don't actually want to get their hands dirty and serve the customer directly. The first thing Varun and I had in common was just that we wanted to put the consumer first, but the second was that both of us have invested hundreds of millions of dollars in our people. And in most of the industry, if you build a better gadget, you sell leads to a traditional agent or to a traditional loan officer. For us, it just seems hard to build a better mousetrap, have the world beat a path to your door, and then give people the same old service at the same old TODAY: There's a lot of concern about some of the buyers who have purchased recently with rates at cycle highs and very high home prices. While the vast majority do have fixed-rate mortgages, we know that homeowners insurance costs are rising pretty dramatically, pretty quickly. Property taxes are also likely to rise. How concerned are you about those borrowers from the perspective of the borrower? And how concerned are you, or how sanguine are you, about the mortgage servicing system being able to manage if we do see an uptick in distress? Krishna: We watch the trends like hawks and we look at everything from leading indicators to lagging indicators on how consumers are spending. Typically the mortgage is the last thing to go, so consumers will do anything and everything to make sure that they stay in their homes. I would say given everything we've seen too far, we're not worried in the sense that we see, you know, deep structural cracks in the way that the industry is developing. But at the same time, we know affordability is a challenge. Inventory is a challenge and we also know that there's still a significant amount of friction in the entire experience as well. We need to start thinking of it as a continuum, where a consumer will progress from renting to eventually ending up in a home which is still the bedrock of the American dream. And if we can help them with that from a lifetime perspective or we can help them not just search and find a home, but to be able to finance it, title it and then service it, we can take a lot of cost out of the system. Part of the problem today is that when you think about the expense, a lot of it goes into things like lead acquisition, right? Mortgage leads are one of the most expensive leads and mortgage companies spend thousands of dollars on individual leads. The margins end up being a little bit low because of that. And then there's no lifetime value because the consumer is in a different part of the funnel for servicing. We can make it faster. This is our approach to saying this is how we want to help fix the problem and to create a model that we think is more sustainable as far as homeownership is concerned. More: As real estate listings become more private, Zillow fights back
Yahoo
a day ago
- Yahoo
April data shows Tampa is 6th hottest buyers market, Redfin study
The Brief According to a new Redfin study, Tampa is the sixth-hottest buyer's market, April data shows. Six Florida cities are included in the top 10, including Miami, West Palm Beach, and Fort Lauderdale. Economic uncertainty and mortgage rates could be behind this shift, according to Redfin. TAMPA - Redfin researchers looked at the number of active MLS listings and compared that to pending sales and the time between a buyer's first tour to their purchase. According to April 2025 data by Redfin, these are the Top 10 Buyer's Markets, where sellers outnumber buyers: Miami, FL West Palm Beach, FL Fort Lauderdale, FL Austin, TX Jacksonville, FL Tampa, FL Phoenix, AZ Las Vegas, NV Orlando, FL Nashville, TN What they're saying "It's a much more relaxed time for a buyer to buy a home than it was three, four years ago. It used to be five days on market on average -- and in very hot markets, sometimes two: it didn't even make it past the weekend," Ali St Cyr with Tomlin St Cyr Real Estate Services said. "Buyers now have a lot more options to look at when they're considering a home." Since some time has passed since Florida's big boom during COVID, some sellers may still be living in the past, local real estate agents told FOX 13. "They believe that their property has increased in value over the last year. So they're pricing it higher than what they should, and that's where you're seeing that price decrease, homes are staying on the market a little bit longer, and buyers are able to negotiate a little more," St Cyr said. Dig deeper Other factors behind this recent shift to a buyer's market could be economic uncertainty and mortgage rates, experts with Redfin add. "And then I think the last hurricane season really scared a lot of people," Mia Annibale with RE/MAX Collective said. "Being stressed out for the whole month of October took a toll on some people, and they didn't want to have the stress of it anymore. So we saw sales just because of that alone." When talking to clients selling their home, Annibale said coming to an agreement on the list price can sometimes be difficult. "Everybody's home is special, it's unique, it has a story, it has its perks," Annibale said. "But if you want a home to move in this market, you need to price it aggressively to be honest." READ: Governor DeSantis touts Florida job growth as manufacturer announces new facility Annibale told FOX 13 about a recent conversation she had with a client as they discussed the listing price. "I said, just to give you statistics, there are 182 single-family homes for sale in a two-mile radius -- two miles! -- of your home," Annibale said. Both buyers and sellers, who play their cards right, can still do well in this market, local real estate agents told FOX 13. "We're still in a very balanced market. There's nothing to panic about. You just have a little more time on market and a little bit more back and forth between the buyer and seller in the sales process," St Cyr said. "If sellers are realistic about their price and buyers have opportunity to get a concession, this can be a positive thing for both sides," Annibale added. CLICK HERE:>>>Follow FOX 13 on YouTube The Source Information for this story was gathered by FOX 13's Ariel Plasencia. WATCH FOX 13 NEWS: STAY CONNECTED WITH FOX 13 TAMPA: Download the FOX Local app for your smart TV Download FOX Local mobile app: Apple | Android Download the FOX 13 News app for breaking news alerts, latest headlines Download the SkyTower Radar app Sign up for FOX 13's daily newsletter
Yahoo
a day ago
- Yahoo
Mortgage company Rocket is buying Redfin, the brokerage. Its CEOs talked with USA Today.
In March, Rocket, America's largest mortgage lender, announced plans to buy Redfin, a national brokerage that's spent its 20-year history trying to 'redefine' residential real estate. There are big numbers involved: Redfin's website attracts nearly 50 million views every month; Rocket says it handles more than 100,000 calls every day. The deal is worth nearly $1.75 billion. But Redfin CEO Glenn Kelman and Varun Krishna, CEO of Rocket Companies, say the consumer is at the heart of the deal. 'Homeownership is fundamentally a human business,' Krishna said during a May investor call. Still, the tie-up comes at an auspicious time. As USA TODAY has reported, there are deep fissures in the industry about how much control any one company should have over how real estate listings are shared publicly and who should represent buyers and sellers. At the same time, higher-for-longer mortgage rates and elevated home prices are fraying the American Dream, and making profits and margins challenging, as Kelman memorably noted in a 2024 call with analysts. USA TODAY sat down with Krishna and Kelman for one of their first joint appearances since the announcement. This conversation has been edited for length and clarity. USA TODAY: What does the acquisition mean for consumers in the housing market, for buyers and sellers? Varun Krishna: Today when you think about the process of buying or selling a home, the consumer sort of gets handed off from industry to industry to industry. One industry helps them with the process of searching for a home and working with a realtor, another industry helps them with the process of financing. Within that, there are industries that help them with things like title, insurance and then they get kind of handed off into the servicing business where they spend a lifetime handling things like property taxes, their monthly payments and their escrows. And the whole process is just so complicated. It takes time, it takes energy, it's expensive. What we want to do is fix that. We want to take something that is expensive, manual, and antiquated, and we just want to make it all seamless and frictionless, and ultimately create more savings and value for the Kelman: The central economic problem that people under 40 have is that they don't believe in the American Dream anymore. They can't afford a house, they get lost in the process, they get overwhelmed by the fees. They're spending half their down payment on the broker and the banker. And I do think we can fix that. USA TODAY: The start-to-finish real estate experience has been a Holy Grail for a long time. We've all been saying for decades that it's antiquated. And at this particular moment in time, there's a lot of spirited debate in the industry over how much of the process any one company should control. You have one big player in the market saying that they want to have the listings in-house and they want to be able to represent both sides of the transaction. And there have long been questions about how much any professional should be able to steer business to others. We want consumers to get professional help but how do you walk that line between wanting them to also be able to choose who represents them? Krishna: The problem with the homeownership experience is that there isn't any transparency. It's difficult to figure out whether the realtor that you work with has your best interest. It's difficult to know that you're getting the best rate. It's difficult to understand where you stand in the process, how underwriting works. It's difficult to understand how your loan gets licensed and then serviced and then passed off to another I think the fundamental issue today is there's an illusion of control, that there's any choice at all. And that the fee structures make sense, and the way that the consumers have to choose and what they get to choose… it's a little bit of a fallacy today and we want to improve that.I mean, that is our fundamental ethos is exactly that consumers deserve better. They deserve a system that is more transparent, they deserve to have better rates, they deserve to pay lower fees, they deserve to be able to get into a home faster or sell a home For me, it's really hard to give the consumer a better deal when the title company, the broker, the banker, and the servicing company are all fighting for the customer. We're going to give customers a choice. They can work with a Redfin agent, and then a different banker. They can work with a Rocket banker and then a different agent. But our hope is that by working together, we can give the consumer such a better experience and such a lower fee that what they'll want to do is work with us. But if you keep these industries at each other's throats, where we're all spending money to get the same customer, you're never going to make the industry more efficient. And that's why the consumer is still paying so much every time she moves. USA TODAY: There has been a lot of experimentation, a lot of companies spending a lot of money on big bets, you know, Redfin starting with salaried agents, the iBuyers like Opendoor that buy homes directly from owners, Zillow Offers. Why is it so hard to get the model right? Kelman: I think the consumer is really traditional. It's an infrequent purchase, so once a decade you move and usually you call on a neighbor to help you handle the sale, or you hire your uncle as a real estate agent. Also it's a cooperative industry. So anytime you have a disruptor, the consumer has to worry. When she puts a Redfin sign in her yard, will other buyer agents want to show that listing? You have to worry when you have a RE/MAX agent representing the buyer: will other listing agents really tell that agent what's going on in the deal? Any time there has been a disruptor, there has been an industry reaction and so the challenge here is finding a way to take a very fragmented industry and make it work together better. Krishna: I think part of the reason these things are hard is when you disrupt any kind of hyper-local dynamic, whether it's commerce, real estate, or financial services, you have local fragmentation, word of mouth. You have a diversity in the landscape of how people do this job, where some people sell one or two homes and others take it as a full-time profession. You have varying levels of I just think that most of the companies building technologies in this industry don't actually want to get their hands dirty and serve the customer directly. The first thing Varun and I had in common was just that we wanted to put the consumer first, but the second was that both of us have invested hundreds of millions of dollars in our people. And in most of the industry, if you build a better gadget, you sell leads to a traditional agent or to a traditional loan officer. For us, it just seems hard to build a better mousetrap, have the world beat a path to your door, and then give people the same old service at the same old TODAY: There's a lot of concern about some of the buyers who have purchased recently with rates at cycle highs and very high home prices. While the , we know that homeowners , pretty quickly. Property taxes are also likely to rise. How concerned are you about those borrowers from the perspective of the borrower? And how concerned are you, or how sanguine are you, about the mortgage servicing system being able to manage if we do see an uptick in distress? Krishna: We watch the trends like hawks and we look at everything from leading indicators to lagging indicators on how consumers are spending. Typically the mortgage is the last thing to go, so consumers will do anything and everything to make sure that they stay in their homes. I would say given everything we've seen too far, we're not worried in the sense that we see, you know, deep structural cracks in the way that the industry is developing. But at the same time, we know affordability is a challenge. Inventory is a challenge and we also know that there's still a significant amount of friction in the entire experience as well. We need to start thinking of it as a continuum, where a consumer will progress from renting to eventually ending up in a home which is still the bedrock of the American dream. And if we can help them with that from a lifetime perspective or we can help them not just search and find a home, but to be able to finance it, title it and then service it, we can take a lot of cost out of the system. Part of the problem today is that when you think about the expense, a lot of it goes into things like lead acquisition, right? Mortgage leads are one of the most expensive leads and mortgage companies spend thousands of dollars on individual leads. The margins end up being a little bit low because of that. And then there's no lifetime value because the consumer is in a different part of the funnel for servicing. We can make it faster. This is our approach to saying this is how we want to help fix the problem and to create a model that we think is more sustainable as far as homeownership is concerned. More: As real estate listings become more private, Zillow fights back This article originally appeared on USA TODAY: Rocket buys Redfin. 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