October Market Update: Nashville
The month of October is rapidly coming to a close! With all the excitement of Trick-or-Treating and the upcoming Thanksgiving holiday, let’s not forget to pay attention to the changing market. Mark Spain Real Estate has summarized the key trends of the October market for Nashville in this update. Our goal is to keep you in the loop and update you on current trends!
The Hard Facts:
- The current median list price is currently residing at 389k, up slightly from this time last month
- Inventory has shown a moderate decrease from last month and currently is at 4,735 units
- A home’s average days on market is currently 41, nearly doubling from this time last year.
What Does This Mean For You?
Sellers, an increased amount of days on market is simply indicative of the time of year. We see many people close on their homes in December as they prepare for the new year. Buyer demand is not being met which can be shown in the decreased inventory. List your home now to meet the increase in demand! November is still a great time to sell so we can expect a large amount of activity.
Buyers, inventory may be down but that’s okay! An increase in days on market means that you have ample time to make a decision on your dream home. Get out there and start the search!
Great economic prospects are on the horizon. 2019 is projected to have a strong finish that will carry into 2020. Overall, the upcoming month of November is a great time to take advantage of the Nashville real estate market!
Does this October Nashville market update have you 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.