May Market Update: Nashville
The end of May is here! We’ve seen warmer weather, longer days and the beginning of the summer market. While we’re excited for the arrival of June, let’s not forget to recap the changes seen in May! We’ve summarized the key trends of Nashville’s May real estate market to ensure you can make well-informed decisions and stay in the know.
- The median sold price for a home in Nashville is up by 3.4% from this time last year and currently resides in the $263,000 range
- Available homes in the Nashville May market rose by 6.4% from May of last year, inventory is bountiful
- The average amount of days a home spends on the market is up by 3%, currently averaging at approximately 65 days ( A Mark Spain listing averages 37 days on market )
What does this mean for you?
Buyers, inventory is up and your dream home is waiting for you! You have plenty of options to choose from. Interest rates are down, don’t miss out on your chance to buy! Now is a great time to begin accruing equity.
Sellers, don’t let an increase in the days on market intimidate you! The larger inventory indicates we will continue to head into a balanced, normal market. Buyers are still looking. Go ahead and start the listing process before the lull of late summer hits!
As summer settles in, the most activity will be seen in June, July, and August. Now is a great time to enter the market before the natural dip in the 4th quarter. Whether you’re buying or selling, you can be settled by the new school year and spend the holidays in your new home!
Whatever chapter of life you find yourself in, be it needing to sell or buy, make sure you are represented by a professional, full-time agent with years of closing experience under their belt.
Thinking about moving? Navigating the market can be difficult, and you do not want to do it alone. Contact us today to get a head start!