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Tennhouses

Nashville Real Estate

Larry Brewer

Office 615-371-1544 - Mobile 615-512-7853

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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Nashville Homes for Sale – August 2022 Update

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Nashville HomeNashville homes for sale and August 2022 market report – Sales of single family homes are slowing and inventory levels are increasing.

  • 2806 homes sold in Nashville during August of 2022 compared to 3479 for the same month last year
  • the median sales price for Nashville homes was $475,000 up from $415,000 last year, an increase of 14%
  • 6687 homes are available for purchase at the end of at end of August compared to 3321 last year
  • the absorption rate based on August home sales is two months
  • 518 Nashville condos sold during the month compared to 550 for the same month last year
  • the median sales price of Nashville condos was $349,595 compared to $290,000 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.

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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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Nashville Real Estate – June 2022

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Nashville Real Estate for sale and May market statistics – Home sales are fairly flat compared to last year sales prices were up 25% and the inventory levels are up considerably.

  • 3209 homes sold in Nashville during May of 2022 compared to 3214 for the same month last year
  • the median sales price for Nashville homes was $$498,785 up from $$400,000 last year, an increase of 24.6%
  • 4114 homes are available for purchase at the end of May an increase of 60% compared to the same period last year
  • the absorption rate based on May home sales is still impressive at a little over one month
  • 558 Nashville condos sold during the month compared to 586 for the same month last year
  • the median sales price of Nashville condos was $340,506 compared to 277,900 last year, an increase of 22.9%

Most experts believe that prices will not continue to rise as quickly as the past few years due to the impact of rising interest rates, and inventory levels are rising a sure sign that the market is slowing.

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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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Nashville Homes for Sale – May 2022

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Nashville homes for sale and May 2022 market report – Home sales on declining and prices are rising, that’s the message at this time. How long that can continue is only a guess, but the rapid rise in interest rates is starting to impact sales, so don’t be surprised is the prices start to moderate. Here are a few of the highlights for Nashville area homes

  • 3095 homes sold in Nashville during April of 2022 compared to 3233 for the same month last year
  • the median sales price for Nashville homes was $$480,000 up from $$385,000 last year, an increase of 24.6%
  • 2787 homes are available for purchase at the end of April
  • the absorption rate based on April home sales is less than one month
  • 512 Nashville condos sold during the month compared to 570 for the same month last year
  • the median sales price of Nashville condos was $337,628 compared to $264,525 last year, an increase of 27.6%

Most experts believe that prices will not continue to rise as quickly as the past few years due to the impact of rising interest rates, however we still have a housing shortage here in the Nashville so the demand will stay elevated for the near future.

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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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Nashville Homes – September 2021

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Nashville real estateNashville homes for sale  and September 2021 market report – Nashville is in a remarkable sellers market that hasn’t let up for many months now. With an inventory level that’s over 38% lower than the same period last year in a lot of cases new listings start bidding wars.

Here are a few of the highlights for Nashville area homes

  • 3479 homes sold in Nashville during August compared to 3638 for the same month last year
  • the median sales price for Nashville homes was $415,000 up from $346,172 last year, an increase of 19.8%
  • the number of available homes for sale dropped 38% to 3321
  • the absorption rate based on August home sales is less than 1 month
  • 550 Nashville condos sold during the month compared to 493 for the same month last year, an increase of 11.5%
  • the median sales price of Nashville condos was $290,400 and increase of 17.5% year over year

 

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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Nashville Real Estate For Sale – July 2021

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Nashville real estate for sale and July 2021 market report – We are still in a hot sellers market with inventory levels at record lows driving up home prices at a rapid rate.

Here are a few of the highlights for Nashville area homes

  • 3746 homes sold in Nashville during June compared to 3478 for the same month last year
  • the median sales price for Nashville homes was $415,000 up from $331,448 last year, an increase of 37.5%
  • the number of available listings dropped 68% to 2831
  • the absorption rate based on June home sales is less than 1 month
  • 631 Nashville condos sold during the month compared to 479 for the same month last year, an increase of 33%
  • the median sales price of Nashville condos was $277,900 and increase of 23% year over year

 

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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