NASHVILLE, Tenn. (WKRN) – Real estate investors bought homes in central Tennessee and helped push prices up. Now, new data suggests they are backing off.
New data from Redfin shows that home purchases by investors fell nearly 17% in the last quarter.
Nashville real estate agent Craig Edwards said he faces higher interest rates and high home prices just like the rest of us.
“It’s still a lot, they’re still buying a lot,” Edwards said.
While the data shows investors have slowed, Edwards said they are still at the top of the game.
“They always grab properties as best they can,” Edwards said.
And phone calls from investors, especially on the West Coast, Edwards says, are non-stop.
“They’ll call us and say ‘hey, we want something in the $500,000 range’ and they have a bunch of ideas of what they want their property to look like, like all the brick,” Edwards said.
If you’re wondering which areas are most sought after by investors in Middle Tennessee…
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“Mt. Juliet is growing up, so there are a lot of people asking for properties there,” Edwards said. “Investors are also starting to look to Columbia…Pleasant View in Cheatham County…Of course, whatever you can get downtown, they want it.”