Tennessee Real Estate Trends
As of December 2022, the number of homes sold in the United States was down 36% compared to a year ago. However, if you are considering buying or selling a home, it is important to learn about the specific real estate trends for the area you are considering buying or selling in. While no one can predict exactly what is going to happen with the real estate market, looking at local trends can give you a fairly reliable estimation of what you can likely expect with a local market. Here are some of the specific real estate trends pertaining to the state of Tennessee.
The Median Sale Price
The median sale price for a home in Tennessee has increased by just over 6% compared to a year ago. The median sale price is currently $367,900. It is expected that the median sale price of homes in Tennessee will remain steady or slightly increase, especially in larger cities. However, it is important to note that Tennessee home prices have increased by 26% in just a year. It is not expected that the market will continue to grow at this rate.
The Number of Homes Sold
In December of 2021, 9,563 homes were sold in Tennessee. In December of 2022, 6,247 homes were sold. This is a decrease of nearly 35% when comparing year to year. It is also important to note this is the lowest number of homes sold in a month in the last five years. As such, it is clear that inflation and higher interest rates are directly affecting the housing market, with fewer homes selling each and every month. Unfortunately, this trend is expected to continue. At this point, there are not enough homes sitting on the market to cause home prices to start to increase, but if this trend continues, more homes may sit, and this may lead to home prices dropping, though it is not expected that this will happen until next fall or winter, if it does happen.
The Median Days on the Market
The final real estate trend that you should pay attention to if you are considering buying or selling a home in Tennessee is the number of days a home sits on the market. Currently, the median number of days that a home sits on the market in Tennessee is 56 days. That is a 16% increase from the same time a year ago. This essentially means that homes are taking a bit longer to sell, but when priced properly, homes can sell in about two months. The Tennessee real estate market is starting to slow down. While the price of homes is expected to slightly increase in larger cities in Tennessee, the number of homes being sold this year compared to last is decreasing, and the number of days it is taking for a home to sell is increasing. As such, you may have to wait longer for your home to sell. However, if you are looking to sell your home quickly and with little hassle, you still have options. Here at WeBuyHouses.com, we buy homes throughout the state of Tennessee for cash, helping you to sell your home quickly. Visit our website today to obtain a free quote for your home.