Nashville Housing Market Update | July 2022

The last few months, you've heard economists and other people in the know predict two things for the national housing market. One, that the number of sales would go down. Two, that the average sales price would go up. And that is happening right now nationally and in Nashville and Middle Tennessee. Let's look at the latest numbers. The last complete month of sales, June, compared to the same time last year, down 8%. Why are sales down 8%? You might have guessed, it's the mortgage loan interest rates. They're up, so buyers are bowing out.

What's that do to things like days on market? Well, those are going up. They're at 24 days on market on average for listings. If you remember a few months ago, we were talking about Nashville leading the country in the fewest days on market around 12 and 13. Number of listings, that's gone way up, 22%. Put 22% in bold and circle it because that is the second largest year-over-year increase in number of listings in the country amongst the 53 largest metros surveyed. Nashville just got a lot more inventory, that is great for buyers.

Sales prices, are they doing what people predicted? Sure. The median sales price in Middle Tennessee for a single family home, $495,000. The same time last year, $415,000. Is this doom and gloom? No, it doesn't seem like it. If you compare it to the craziness of the last 18 months, maybe it seems like that, but really there are pre-2020 mortgage rates. It's pre-2020 inventory. If you've been trying to buy and you've just been frustrated, then now's your time. It's time. There are houses sitting on the market that are good houses. Some are even doing price decreases.

Thanks for reading. Talk to you soon.