February Market Update: Nashville
The month of February is reaching its end! As spring approaches, let’s not forget to pay attention to the changing Nashville market! Mark Spain Real Estate has summarized the key real estate trends of the February Nashville market so you can stay well-informed!
The Hard Facts: Nashville Market Update
- Active inventory listings are down by 30% from the previous month
- A home’s average days on market is currently up by 20% from last year, with an increase from 40 to 48 days
- The number of units sold has increased 2% year over year
- The median sale price of a home is $315K, a jump from last year’s sale price of 290K
What Does This Mean For You?
The decrease in active inventory listings shown in the Nashville market update means that buyers who waited to buy, may have had a smaller selection to choose from. This smaller level of inventory makes for greater competition between buyers to find their perfect home. However, the higher number of units sold could indicate that buyers have been easily finding exactly what they are looking for in a home!
Sellers, the higher number of days on market may signal a slowdown in the local inventory turn over rate. However, the increase in median sale price means that you may get a better offer on your home than in previous months!
Does the February 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. With Mark Spain Real Estate, you’ll get maximum exposure to your Nashville home. Our team knows this city and surrounding neighborhoods and your experience is our top priority. Contact us today to get a head start.