Nashville Homes – March 2023 Update

Nashville 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)

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