July Market Update: Nashville
July is coming to a close! We are seeing the end of the summer real estate market approaching, with a new school year starting soon and the fall season just around the corner! As we head into the month of August, let’s not forget to recap the month of July! We have summarized the key trends of Nashville’s July real estate market for you. Knowing these trends can ensure you can make well-informed decisions and stay in the know this summer!
The Hard Facts
- The current median sold price of a home is up by 5.9% from this time last year, moving from $263K to $278K
- The supply of available homes is up 1.9% from this time last year, with an increase from 21,799 to 22,228 homes
- A home’s average days on market is down 2.3% from last month, moving from 34 to 33 days
What does this mean for you?
Sellers, median sold prices are up across the board! In addition, the average profit margins for homeowners who sold in the second quarter have increased by nearly 34%. This is an increase from 31% in the first quarter, according to ATTOM Data Solutions. Home owners wanting to sell, this is great news for you in terms of equity and owner accumulation! There is also a stronger buyer demand which accounts for the home’s lower days on market from last month. So make the move and start the season fresh in your new home!
Buyers, Nashville is still feeling the effects of the summer market! Everyone wants to sell their home and get settled in before autumn, which is seen in the increase in the supply of homes this month. An increase in supply means more inventory and options for you in the search for your dream home. So start your home search now while supply is still up and mortgage rates continue to hold steady at 3.88%!
Thinking about moving? Navigating the real estate market can be difficult, and you don’t want to do it alone. At Mark Spain Real Estate, we are here to help! Contact us today to get a head start.