Middle Tennessee Housing Inventory on the Rise
Good news for buyers! Housing inventory has increased over this time last year by roughly 20%. More inventory means more options and increased leverage for buyers in negotiations. After several years of diminishing inventory, this will be a welcome development for Middle Tennessee home buyers.
While our inventory is still lower than the national average, these additional options will make our market more healthy and balanced. Closings year-over-year for July are roughly the same, with a 1.5% decrease from the 3,872 total for July 2017. Year to date closings are at 23,242, a .5% decrease from July of 2017.
Middle Tennessee homes spent an average of 25 days on market this year before contract. The national average this month was 59 days, according to https://www.realtor.com/
These numbers, taken with our still-healthy price-per-sq.-ft. increases over last year, show a resilient market with increasing home values. If you’ve been waiting to buy, this would be a good time to discuss your plans. Why don’t you give me a call and we can talk about your next home purchase?