The Nashville real estate market has most recently be confronting moderately negative news in terms of most key market indicators. In contrast, the overall economy and a broader perspective on the long-run real estate market of the city of Nashville have remained one of the strongest in the American South. According to an October 19, 2009 article in the Nashville Post, “Sapp said Nashville’s economy remains in relatively good shape compared to other cities. The region’s ‘much stronger real estate market’ was a major contributor in the drop in Tennessee Commerce’s past-due loans and other real estate owned, he added. Loan growth during the quarter was 1.1 percent, down from 3.9 percent and 6.5 percent in the first two quarters of the year.”

However, another article in the Nashville Post, this one published on October 2, 2009, highlighted the continually high rate of foreclosures in the city, leading to a higher rate of Nashville homes for sale. This piece, written by E. Thomas Wood, found that “The pace of new foreclosure activity in Metro Nashville shows no sign of letting up. In September, the Davidson County Register of Deeds recorded 427 of the notices lenders normally file to begin the process of seizing homes owned by delinquent borrowers…For the months of June through September 2009, Nashville averaged 425 initial foreclosure filings, up from an average of 310 a month during the same period in 2008. As NashvillePost.com previously reported, June 2009 saw an abrupt rise in the volume of foreclosure actions filed in Davidson County to a record high of 459 filings.”

Real estate in Nashville has been facing declining rates of home sales and home prices, according to an October 8, 2009 article in the Nashville Business Journal. The piece, composed by Jenny Burns, stated that “Middle Tennessee home sales dropped 6.7 percent in September compared to the same period a year ago, according to figures released Thursday by the Greater Nashville Association of Realtors. This September, 1,935 homes were sold compared to 2,075 last year. The median price for a single-family home fell 5 percent to $160,000 from $168,000 last year.”