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Larry Brewer

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Nashville Real Estate For Sale – April 2023 Market Update

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Nashville real estate for sale and April 2023 market report – NashvilleInventory levels are almost triple what they were 12 months ago but the prices are almost the same as they were last March.

  • 2392 homes sold in Nashville during March of 2023 compared to 2948 for the same month last year a reduction of 23%
  • the median sales price for Nashville homes was $465,000 almost the same as last years $461,620
  • 6066 homes are available for purchase at the end of at end of March compared to 2298 last year
  • the absorption rate based on March home sales and available inventory is three months
  • the average days on market for Nashville homes is now 54 days compared to 15 days last year
  • 494 Nashville condos sold during the month compared to 598 for the same month last year
  • the median sales price of Nashville condos was $327,885 compared to $319,690 last year

High interest rates has slowed the Nashville real estate market over the last 12 months however mortgage rates have been slowly coming down in the last few months and some experts expect that to continue. Housing prices has stopped increasing for now and buyers usually have a chance to see homes when they are listed before they make an offer, that was not always the case a year ago. If rates continue to decline we can expect the volume of home sales to pick up and eventually prices will follow.

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information on this page is based on information on Nashville real estate per the Nashville Multiple Listing Services, Inc. and is deemed reliable but, not guaranteed. This posting and the contents written here are the intellectual property and opinions of Larry Brewer of Benchmark Realty. Providing real estate services to clients in Nashville, Brentwood, Franklin, Spring Hill, Green Hills, and the middle Tennessee area

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(all data current as of 12/4/2023)

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My Most Frequent Real Estate Questions

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NashvilleThis post was prompted by a video created by Phillip Cantrell, the owner of Benchmark realty LLC. All of us get these questions, but he took the time put them in a logical order with the best answers for this time. Like most things in life, timing has a lot to do with everything real estate so keep that in mind. What seems like a good answer today may change next week.

  1.  How can I know if this is the right time to buy a home? The answer is it depends on your financial situation and you need for housing. If you have been relocated here for some reason, your needs are not the same as someone who has a home here already and would just like to downsize or move closer to work.
  2. Will sellers lower their prices in the near future? A lot of people thought this would happen based on the housing crash of 2008, however we have not seen this happening at this time. The market was full of speculators in 2008 who were building and buying new homes in the hope of flipping them for a profit. That does seem to be nearly as common today. We also had very low mortgage requirements leading up to the 2008 crash, including 103% loans requiring zero down payment and adjustable rate mortgages. If you’ve tried to get a mortgage in the last few years you know that most loans require a down payment, a decent credit score, and a good work history. You would think all of these things make sense, but leading up to 2008 it was not always the case.
  3. Will the housing market crash? That depends on a lot of things, but mostly interest rates.   The market statistics for March of 2023 show that the average sales price of homes in Nashville for the month was $465,000 in March of 2022 it was $461,250. So the average house price is slightly higher now than it was a year ago. If interest rates continue to fall, the average prices will probably start to rise.

So the answer is still, it depends on your needs or wants. I think it’s a better time to buy than this time last year just to stay out of bidding wars. Your interest rate will be higher, but you probably have a better change of getting the house you want. You should be able to refinance when rates come down. Joe Biden says we will have another lockdown, how he knows that is a little scary, but if it happens the market might go crazy again.

Call me if you would like to talk through this or start the process of a home purchase.

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Franklin TN Homes For Sale April 2023

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Franklin TN homes for sale – The number of home closings have increased by 8% in the last 12 months and median sales prices have increased 10%, but this may be the impact of a higher percentage of new construction homes being sold. The median price per square foot has actually decreased slightly from $316 to $307. Interest rates have been the main reason for the slowing in the market place, and every time the rates drop a little the market gets busy.

  • 150 Franklin homes sold during the month of  March 2023 compared to 123  for the same period last year
  • 288 Franklin homes are currently listing in the Nashville MLS as available for purchase giving us a 2 months supply.
  • 330 homes are currently under contract
  • the median sales price for homes sold during the month of March was $934,000 compared to $845,000 last year an increase of 8%
  • the average list price to sales price ratio for Franklin homes sold in March was 99.99% compared to 104.7% last year. 

Search for Franklin TN real estate for sale here – 

Information on this page is based on information on single family homes for sale in Franklin per the Nashville Multiple Listing Services, Inc. and is deemed reliable but, not guaranteed. View the top Franklin neighborhoods here.

This posting and the contents written here are the intellectual property and opinions of Larry Brewer of Benchmark Realty. Providing real estate services to clients in Nashville, Brentwood, Franklin, Spring Hill, Green Hills, and the middle Tennessee area

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(all data current as of 12/4/2023)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

Spring Hill Homes for Sale – April 2023

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Spring Hill homes for sale – April 2023

Spring Hill TN HomeHome sales in spring hill are considerably slower than they were at this period last year, as you would expect with the Federal Reserve rate hikes pushing mortgage rates over 6% for the first time since 2009. Prices on resale homes have cooled a little bit, but we still have a shortage or homes because nobody wants to give up their existing mortgage. New construction home prices are still very high and they aren’t building very many if any spec homes. I have buyers looking to purchase today even with the high interest rates, but all the homes that meet their criteria are purchased immediately. Call me if you need help buying or selling in Spring Hill Tn

  • 21 homes sold in Spring Hill during the month of March 2023 compared to 39 for the same period of 2022
  • The average sales price of homes sold during March was $686,371 compared to $631,490 for the same period last year, an increase of 8.6%.
  • The median sales price per square ft of sold homes has come down slightly at $222 compared to $239 last year a reduction of 7.6%.
  • 74 Spring Hill homes are listed as available for purchase in the Williamson county portion of Spring Hill.
  • 69 homes are currently under contract pending sale, most are new homes waiting for completion
  • The median days on market for sold homes is up to 12 days

Inventory levels are improving due to the higher interest rates pricing some buyers out of the market. This may the be opportunity that buyers have been waiting for. Buy the home you want without getting in a bidding war and refinance the home when the rates come down.

Homes in Spring Hill TN are now averaging $222 per square foot compared to $307 in Franklin.  a difference of 38% so the homes are still a significant bargain for Williamson county.

Search for Spring Hill TN homes for sale here.

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For the most-up-to-date information on Spring Hill TN homes, then we urge you to contact us. We can assist you with all aspects of buying or selling real property in this and other neighborhoods in the Nashville Metro area. Also ask to be placed on an instant notification system when any new Spring Hill listings come on the market or price reductions in Spring Hill TN homes are posted.

information on this page is based on information on Spring Hill real estate in Williamson county per the Nashville Multiple Listing Services, Inc. and is deemed reliable but, not guaranteed. This posting and the contents written here are the intellectual property and opinions of Larry Brewer of Benchmark Realty. Providing real estate services to clients in Nashville, Brentwood, Franklin, Spring Hill, Green Hills, and the middle Tennessee area

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(all data current as of 12/4/2023)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

Franklin TN Homes Report – March 2023

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Franklin TN real estate for sale –   The number of home closings have dropped by 17% in the last 12 months but prices still remain firm. The good new for buyers is that homes are listed for a longer time before they are sold giving them time to evaluate options before making an offer.

Franklin TN Home Trends 2-2023

 

  • 108 Franklin homes sold during the month of  February 2023 compared to 129 for the same period last year
  • 375 Franklin homes are currently listing in the Nashville MLS as available for purchase compare to 258 last year
  • 79 homes are currently under contract
  • the median sales price for homes sold during the month of February was $903,622 compared to $927,000 last year a decrease of 2.5%
  • the average list price to sales price ratio for homes sold in February was 98.3% compared to 104.4% last year. 

Search for Franklin TN real estate for sale here – 

Information on this page is based on information on single family homes for sale in Franklin per the Nashville Multiple Listing Services, Inc. and is deemed reliable but, not guaranteed. View the top Franklin neighborhoods here.

This posting and the contents written here are the intellectual property and opinions of Larry Brewer of Benchmark Realty. Providing real estate services to clients in Nashville, Brentwood, Franklin, Spring Hill, Green Hills, and the middle Tennessee area

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See all Real estate matching your search.
(all data current as of 12/4/2023)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

Westhaven Homes for Sale – March 2023

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WesthavenWesthaven Homes are feeling the pain of higher interest rates with only 10 closings for the month of February 2023 compared to 16 closings in February of last year. The average price of homes sold is lower but the price per square foot is within 1 percent of last year at $421

  • the median price of homes sold during the month of February was $1,349,578 compared to $1,658,398 last year
  • the average size of homes sold in February of 2023 was 3578 square feet compared to 4201 last year
  • the list price to sales price ratio of homes sold during the month was 98% compared to 104%
  • The average days on market for homes sold in February was 79 compared to just 2 last year
  • 25 homes are currently pending sale most are under construction
  • 42 Westhaven homes currently for sale as listed in the Nashville MLS but some are under construction

Westhaven homes in Franklin TN have been the one of the most popular neighborhood in Williamson county and all of middle Tennessee for several years.

This posting and the contents written here are the intellectual property and opinions of Larry Brewer of Benchmark Realty. Providing real estate services to clients in Nashville, Brentwood, Franklin, Spring Hill, Green Hills, and the middle Tennessee area

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See all Westhaven.
(all data current as of 12/4/2023)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 
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