Middle Tennessee Housing Market Produced Another Y-T-Y Improvement for November 2024

Middle Tennessee Housing Market Produced Another Y-T-Y Statistical Improvement for November 2024

article by Kenneth Bargers | December 7, 2024

Kenneth’s update 12072024… For two months in a row (October and November), the Y-T-Y comparisons reported solid increased activity and values for all key indicators setting the table for a solid December 2024 to end the year. For M-T-M, all key indicators declined, as expected, during the traditional seasonal and holiday transition of November.

Mortgage rates continue to trend downward with steady improvement. The chart below, courtesy of Mortgage News Daily, demonstrates the overall trend for the Average 30-Year Fixed Mortgage Rates for the period of November 1, 2024 through December 6, 2024, showing a slight decline from week-to-week throughout the month. The chart provides an 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 November 30, 2024, as follows: There were 2,567 closings; 2,145 pending sales; 11,375 inventory; 49 days on the market; and the median price for single-family dwellings of $500,000, and $350,000 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.