Nashville Spring/Summer Real Estate Market Update ☀️
Published 2023-06-29
Today Steph discusses how buyers and sellers are experiencing the spring/summer real estate market in Nashville.
When it comes to actual metrics, there are several key factors that buyers and sellers should pay attention to. These metrics provide valuable insights into the current state of the market and can help guide decision-making processes. Let's dive into the correlation between the following real estate metrics: Months Supply of Inventory, 12-Month Change in Months of Inventory, Median Days Homes are On the Market, List to Sold Price Percentage, and Median Sold Price.
Firstly, the Months Supply of Inventory is an important metric to consider. It currently stands at 2.83, indicating how long it would take for the existing inventory of homes to sell out at the current sales pace. A lower number typically suggests a seller's market, where demand outpaces supply. Conversely, a higher number may indicate a buyer's market, where there are more homes available than buyers. 2.83 months of inventory suggests that we are still in a seller's market.
Now let's examine the 12-Month Change in Months of Inventory, which is up +44.39%. This metric reveals the percentage change in the supply of homes over the past year. In this case, the positive change suggests that the supply of homes has increased, which could potentially indicate a shifting market from a seller's market to a more balanced or even a buyer's market, but as Steph mentions, buyers have more leverage in 2023, but not as much as this stat might suggest.
Next, we have the Median Days Homes are On the Market, which currently stands at 46 days. This metric reflects the average number of days it takes for homes to sell once they are listed. A lower number indicates a fast-paced market, where homes sell quickly, while a higher number suggests a slower market. Buyers looking for a quick purchase may face more competition and may need to act swiftly, while sellers can anticipate a relatively efficient selling process. This number will sway greatly depending on the seller's preparation and their pricing strategy.
Moving on to the List to Sold Price Percentage, which is at 98.1%. This metric highlights the percentage of the listing price that homes typically sell for. In this case, the high percentage suggests that sellers are generally receiving offers close to their asking prices. This may indicate a relatively stable market where sellers have some negotiating power, but buyers can still expect to pay close to the listed price or even over asking price in many cases.
Lastly, we have the Median Sold Price, which currently stands at $532,000. This metric represents the midpoint of home prices of homes with a "Nashville" mailing address. It provides a sense of the overall price range and can help both buyers and sellers understand the local market's affordability. Buyers can use this information to gauge if the median price aligns with their budget, while sellers can determine a competitive listing price based on the current market conditions.
If you have questions about your home or neighborhood, we'd love the opportunity to chat.
James & Stephanie Crawford (Realtor, broker)
Brokers Cooperative | 615-266-6778 | [email protected]
TN License: 288968
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