August Market Update: Nashville
The month of August is coming to its end! The summer real estate market has ended, a new school year has started and cooler weather is approaching. As we head into September, let’s not forget to recap August! We have provided an update of the Nashville market for the August real estate market. Knowing these trends can ensure you can make well-informed decisions and stay in the know this fall!
The Hard Facts
- The current median price sold for a home is up 4.6% from this time last year, jumping from $264k to $277k
- The supply of available homes is down by 1.2% from this time last year, with inventory decreasing from 22,144 to 21,868
- A home’s average days on market has decreased from this time last year and is currently residing at 33 days
What Does This Mean For You?
Sellers, median sold prices are up! This is a great time to sell and capitalize on your maximum return on investment. According to ATTOM Data Solutions, average profit margins for homeowners is up. The days on market have decreased and the market is hot! There is also a stronger buyer demand which accounts for the home’s lower days on market from last month. Now is the time to make the move get the most out of the sale of your home!
Buyers, everyone wants to sell their home and get settled, which is seen in the increase in the supply of homes this month. An increase in supply means more inventory in the Nashville market and more options for you in the search for your dream home. This season has seen mortgage rates fall to the lowest they’ve been in nearly three years, it’s an excellent time to buy a home and secure a low mortgage. So start your search and snag your dream home!
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.