Middle Tennessee Increased Inventory and Pending Sales Highlight August 2024 Housing Data

Middle Tennessee Increased Inventory and Pending Sales Highlight August 2024 Housing Data

Kenneth’s update 09092024… Increased inventory and pending sales, M-T-M, were reported for August 2024. The production of closed transactions decreased, as well as the values for single family dwellings and condominium classifications. The real estate process increased to 46 days on the market.

All key indicators improved Y-T-Y with pending sales and values for condominium classification statistically unchanged.

Potential home buyers welcome the slight decrease in mortgage rates and also the prediction of reduced rates in the near future. The below chart, courtesy of Mortgage News Daily, demonstrates the steady and overall slight decline in rates for the period of August 1, 2024 through September 6, 2024. 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 mortgage rates are consistent - 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 August 31, 2024, as follows: There were 3,086 closings; 2,603 pending sales; 12,053 inventory; 46 days on the market; and the median price for single-family dwellings of $485,000, 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.

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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.