Middle Tennessee Housing Market Improved Y-T-Y per September 2024 Statistics
From Y-T-Y, an improving economy, reduced inflation, and lower mortgage rates, provided September’s local housing market a well-positioned stability as we enter the middle of the fall months.
MARKET CONDITIONSGREATER NASHVILLEMIDDLE TENNESSEE
Middle Tennessee Housing Market Improved Y-T-Y per September 2024 Statistics
Kenneth’s update 10082024…, From Y-T-Y, an improving economy, reduced inflation, and lower mortgage rates, provided September’s local housing market a well-positioned stability as we enter the middle of the fall months. All key indicators increased production or remained statistically unchanged from September 2023 to September 2024 monthly statistics; other than the real estate process which significantly increased to days on the market.
The transition of summer months into fall’s October produced a predictable decrease in activity with slight declines from M-T-M, other than an increased housing inventory and increased value for the condominium classification. The real estate process, M-T-M, was statistically unchanged.
The increased inventory, as of September 30, 2024, and lower mortgage rates is welcome news for home buyers and home sellers to enter the housing market this fall.
The below chart, courtesy of Mortgage News Daily, demonstrates the overall decline in rates for the period of September 1, 2024 through October 7, 2024, with a slight increase this current week. 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 lower mortgage rates are an incentive - it is a great time to buy or sell! 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 September 30, 2024, as follows: There were 2,244 closings; 2,403 pending sales; 12,308 inventory; 46 days on the market; and the median price for single-family dwellings of $467,000, and $356,000 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.
