Greater Nashville Housing Market Produced Y-T-Y October 2024 Improvement

The Greater Nashville Housing Market Produced an Active October 2024 with Y-T-Y Statistical Improvement

Kenneth Bargers | November 8, 2024

Kenneth’s update 11082024… Overall, all key indicators reported improvement from Y-T-Y from October 2023 to October 2024.

For M-T-M, closing transactions and median price for single-family dwellings increased. Pending sales, housing inventory, and median price for the condominium classifications slightly declined. The real estate process, M-T-M, increased by two days to 48.

The below chart, courtesy of Mortgage News Daily, demonstrates the overall trend for the Average 30-Year Fixed Mortgage Rates for the period of October 1, 2024 through November 7, 2024, showing a slight increase throughout the month. The chart provides average 30-year fixed mortgage rates from several different surveys including Mortgage News Daily (daily index), Freddie Mac (weekly survey), Mortgage Bankers Association (weekly survey) and FHFA (monthly survey).

More choices abound and the leveling of the mortgage rates offers home buyers and home sellers incentives to participate in Middle Tennessee’s real estate market. Should you jump into the real estate market? Contact your trusted lender to evaluate your home buying power dollars, and 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 October 31, 2024, as follows: There were 2,841 closings; 2,300 pending sales; 11,974 inventory; 48 days on the market; and the median price for single-family dwellings of $490,000, and $335,988 for condominium classifications. The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson, and Wilson.

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Pending home sales – Pending Home Sales is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales is not identical for all home sales.