Welcome to the latest real estate news from the heart of the music city! I'm Justin Floyd, your go-to guide for all things real estate in Nashville. Whether you're a Nashville native, a new arrival, or simply contemplating a move, I'm here to keep you in the loop about the ever-evolving Nashville real estate scene.
The State of Inventory and Prices
Exciting news: housing inventory in Nashville is up! In May 2023, we saw an encouraging increase of about 10% in available homes compared to the same time last year. However, with inventory, prices have risen too. The median sales price has seen a significant surge of 9%, taking it up to $633,000. And just to clarify, this data is exclusively for Nashville, excluding the 13 surrounding counties, and pertains to single-family homes.
What Does This Mean for Buyers?
The inventory supply - the amount of time it would take to sell out of all houses currently on the market - stands at 3.8 months. This marks a substantial improvement from last year, making the current market more favorable for buyers. Further good news for buyers comes in the form of the average days on market, which has risen from eight to 25. Despite these positive changes, Nashville's overall home sales are down by 20%. A total of approximately 800 homes were sold in May, compared to 1000 during the same period last year.
The Impact of Mortgage Rates
While inventory availability has improved, the number of homes for sale is still relatively low, and high mortgage rates are further discouraging potential buyers. As of now, mortgage rates hover around the 7% mark. A dip in these rates would likely coax hesitant buyers off the sidelines and into the housing market.
Nashville’s Standing in the Housing Market
In other news, a recent article from Bankrate.com ranked Nashville as the second hottest housing market in the U.S, only behind Charlotte, North Carolina, and ahead of cities like Tampa, Dallas, and Orlando. This shows the undeniable allure of the Southeast, with its steady home values and growing job opportunities. Bankrate.com's rankings were based on home values, employment levels, job growth, population trends, the number of homes listed for sale, and typical selling times.
Update on River North and Oracle's Campus
Finally, let's talk about River North and Oracle's campus. Phase one of River North, featuring several mixed-use buildings, is well underway. Although this phase doesn't include Oracle's campus, the progress made suggests positive future developments for the area.
To conclude, while Nashville's real estate market has slowed compared to last year, it remains vibrant, and the future seems promising. Stay tuned for more updates and feel free to reach out to me at justinfloydhome.com with any questions.
Keywords: Nashville Real Estate, Housing Market, May 2023, Inventory, Median Sales Price, Single-family homes, Mortgage Rates, Bankrate.com, Hottest Housing Markets, River North, Oracle's Campus.