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Nashville Homes – March 2023 Update

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Nashville homeNashville homes for sale and February 2023 market report – Inventory levels are almost triple what they were 12 months ago but the prices are almost the same as they were last February.

  • 1742 homes sold in Nashville during February of 2023 compared to 2300 for the same month last year a reduction of 32%
  • the median sales price for Nashville homes was $450,000 almost the same as last years $446,175
  • 5827 homes are available for purchase at the end of at end of February compared to 2001 last year an increase of 191%
  • the absorption rate based on February home sales and available inventory is three months
  • the average days on market for Nashville homes is now 59 days
  • 319 Nashville condos sold during the month compared to 400 for the same month last year
  • the median sales price of Nashville condos was $331,900 compared to $329,827 last year

As expected the Federal reserve has made a large impact on the housing market and mortgage rates have at times been over 7% lately taking the affordability of Nashville homes for some people out of reach for now. On the other hand buyers now are a lot less likely to get in a bidding war when most homes come on the market. If you can afford it, buying a home now makes a lot of sense because the prices are possibly bottoming out, and rates are probably topping out. You should be able to refinance in the future for a much lower rate and have the home you wanted at a reasonable price. Of course the Federal reserve may decide otherwise, but historical it’s been a good plan. Let me know if you would like to purchase or sell and Nashville real estate.

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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 3/23/2023)

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Nashville Real Estate – December 2022 Update

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Nashville HomeNashville real estate for sale and November 2022 market report – The number of single family homes sold in the Nashville area declined by 37% compared to the same month last year, however the prices of homes sold still averages 8% more than they did 12 months ago.

  • 1992 homes sold in Nashville during November of 2022 compared to 3182 for the same month last year a reduction of 37%
  • the median sales price for Nashville homes was $460,000 up from $425,000 last year, an increase of 8%
  • 7002 homes are available for purchase at the end of at end of November compared to 3019 last year, more than double
  • the absorption rate based on November home sales and available inventory is three months
  • the average days on market for Nashville homes is now 41 days
  • 332 Nashville condos sold during the month compared to 599 for the same month last year
  • the median sales price of Nashville condos was $345,000 compared to $298,000 last year

Most experts believe that prices will flatten if interest rates remain elevated compared to the last 10 years, we can only make assumptions based on past history and what the Federal Reserve bank is forecasting. Homes are staying on the market longer and buyers have a better opportunity to find a home they love instead of trying to buy a home that has 10 bids on it already. If you are moving here from out of state, it’s a lot better time to buy than it was last year or even in the spring of this year because we have a much better selection of homes.

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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 3/23/2023)

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

 
 

Mckays Mill Homes For Sale November 2022

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Mckays Mill  – 4 homes sold during October of 2022, 50% less than the same month last year. The average price of homes sold increased 24% during the same period.

  • the list price to sales price ratio of homes sold in October was 99.83%
  • average days on market for homes sold was 3 days
  • 6 homes are currently listed in the Nashville MLS as available for purchase
  • the average price per square foot of homes sold was $272 compared to $223 for the same period last year
  • The average sale price for October was $957,475 compared to $771,070 for the same period last year
  • the average size of homes sold was 3641 square feet
  • 7 Mckays Mill homes are currently pending sale

Here is a summary of the conditions of the market for Mckays Mill homes, and it’s sister next door the Villages of Clovercroft, it’s still a sellers market with and average days on market of only 3 days. Most new listings have an offer within 24 hours now, and the list price to sales price ration is 99%. The reasons are simple, it’s one of the most affordable places to live in the Cool Springs area of Franklin, and the commute to downtown Nashville is less than 20 miles by interstate.

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information on this page is based on information on single family homes for sale in Mckays Mill Franklin TN 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 3/23/2023)

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

 
 

Ladd Park Homes for Sale – November 2022

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Ladd Park homes for sale – Ladd Park homeThe high interest rates have made an impact on Ladd Park home sales with more days on market and a lower list price to sales price ratio. Meaning that buyers sometimes have room to negotiate, something we haven’t seen in a few years.

  • The average sales price for Ladd Park homes sold during the month of October was $1,001,497 compared to $939,626 last year.
  • average days on market is up to 32 days, giving buyers a chance to take a good look before making a purchase
  • the average size of Ladd Park homes sold during October was 3202 square feet making the average price per square foot $315
  • 6 homes are currently pending sale
  • 12 Ladd Park homes are listed in the Nashville MLS as available for purchase
  • The absorption rate for Ladd Park homes is one month based on sales during October and the current inventory

 

For the most-up-to-date information on current home values, 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  listings come on the market or price reductions are posted.

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Benchmark realty can assist buyers in all forms of Nashville relocation needs including new construction houses, condos, townhouses, for sale by owner homes, residential lots, townhomes, lofts, and new homes in various subdivisions across the Nashville Metro region. If you are interested in foreclosure homes including pre-foreclosures, short sales, REO properties, bank owned properties and other types of foreclosure properties, then we can assist you. If you’re searching for Nashville foreclosures in Ladd Park or neighboring communities, then we invite you to view the listings in this or any of the Nashville popular subdivisions on our site. And if you’re searching for condos or townhomes for sale in the Nashville area, feel free to browse our updated listings of Nashville condos, townhouses, townhomes, lofts on our site.

information on this page is based on information on single family homes for sale in Ladd Park subdivision in Franklin Tn per the Nashville Multiple Listing Services, Inc. and is deemed reliable but, not guaranteed.

Sorry, but we couldn't find any results in the MLS that match the specified search criteria.

 

Nashville Homes for Sale – November 2022 Update

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Nashville HomeNashville homes for sale and October 2022 market report – Inventory levels are more than double what they were 12 months ago but the prices have remained elevated.

  • 2299 homes sold in Nashville during October of 2022 compared to 3209 for the same month last year a reduction of 39%
  • the median sales price for Nashville homes was $478,500 up from $429,900 last year, an increase of 11%
  • 7277 homes are available for purchase at the end of at end of October compared to 3385 last year an increase of 114%
  • the absorption rate based on October home sales and available inventory is three months
  • the average days on market for Nashville homes is now 39 days
  • 391 Nashville condos sold during the month compared to 593 for the same month last year
  • the median sales price of Nashville condos was $346,510 compared to $295,000 last year

Most experts believe that prices will flatten if interest rates remain elevated compared to the last 10 years, we can only make assumptions based on past history and what the Federal Reserve bank is forecasting. Homes are staying on the market longer and buyers have a better opportunity to find a home they love instead of trying to buy a home that has 10 bids on it already.

Search for Nashville Real estate here

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 3/23/2023)

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

 
 

Real Estate Market Conditions October 2022

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Nashville real estateReal estate market conditions for October 2022.

The pending home sales index fell 24.2% year over year according to the National Association of Realtors. The weekly mortgage applications index fell 29% compared to the same week a year ago. The 30 year fixed rate mortgage ended the week at 6.52 percent after briefly reaching 7% during the week, it’s highest level since 2008. The Federal reserve is planning even more interest rate increases and is planning to liquidate more of it’s mortgage backed securities so I expect mortgage rates to increase soon.

So what does all of this mean for home sales? Buyers are either no longer qualified for the homes they want, or they are waiting for lower prices. So far the prices have been holding up, but we are seeing a lot of price reductions and the cost to build new homes should be coming down with the price of commodities. We have no way to know what the future will bring, but high rates tend to be a major drag on the real estate market.

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(all data current as of 3/23/2023)

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