A Healthy Middle Tennessee Housing Market Continues as a Watchful Eye Remains Focused on Mortgage Rates
The expected M-T-M improved housing data did not disappoint as all key market segments improved except for pending home sales that remained statistically unchanged.
MARKET CONDITIONSMIDDLE TENNESSEEGREATER NASHVILLE
A Healthy Middle Tennessee Housing Market Continues as a Watchful Eye Remains Focused on Mortgage Rates
Kenneth’s update 05082024… The expected M-T-M improved housing data did not disappoint as all key market segments improved except for pending home sales that remained statistically unchanged. The real estate process improved to 46 days on the market as more home buyers and home sellers participated in the market. A key indicator was the 1,000+ increase of available inventory at the reporting deadline of April 30, 2024.
With eyes wide open – industry professionals and home buyers continue to monitor the weekly trend of mortgage rates as this is a main factor of the comfort level a consumer may have to purchase their next property. Will budget constraints lower their home buying power dollars or move a home buyer into a higher price point?
Should you jump into the real estate market? Contact your favored REALTOR® to discuss the current conditions and take advantage of the home buying and selling process.
The Greater Nashville REALTORS® recently released a report for the month ending April 30, 2024, as follows: There were 3,060 closings; 2,998 pending sales; 10,419 inventory; 46 days on the market; and the median price for single-family dwellings of $505,000, and $349,900 for condominium classifications. The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson, and Wilson.