November 2023 Market Updates

November’s Market Update: Exploring the Pulse of Our Local Housing Market

Within our purview lies a distinct real estate landscape encompassing the primary focus of our team - 10 dynamic counties in Middle Tennessee. Specifically, our activity centers on Davidson, Williamson, Wilson, Sumner, Robertson, Rutherford, Smith, Dekalb, Macon, and Trousdale counties. While our expertise extends to other areas within Middle Tennessee, these ten counties stand as the core arenas where our business thrives.

Now, let’s delve into the noteworthy observations and trends that have characterized November:

  • Home Inventory was still slightly down from last year. New construction seems to be building as fast as they can to keep up with demand. 
  • Average days on market was up from last year, but DOWN from October. It’s still taking an average of 25 days for a listing to go under contract. Seems like forever, but it’s not.
  • Average list price was up 13% over last year. But there was a catch…..
  • Average sales price was DOWN 2% over last year. And there’s the catch. Sellers listing for 13% MORE last year to get 2% less when the smoke cleared.

Other interesting takeaways:

  • Davidson county had the most new listings with 900
  • Trousdale had the fewest at 21
  • Williamson had the highest average sales price at over $1,00,000
  • Smith county had the lowest average sale price at $354,825
  • Smith (21) also slightly beat out Wilson (22) for shortest days on market.
  • Macon had the longest days on market at 38

Overall, not a very “exciting” market update and nothing we haven’t seen all year. Now that we’ve seen some pretty dramatic rate drops over the last week, I can’t to see what December looks like. But generally speaking-  If you price it right, clean it up, and market the daylights out of it then your home will still sell quick and for top dollar. In that same breath, if you’re needing to buy something there is most likely SOMETHING in your price range reasonably close to where you want to be. Either way, you just need the right help to make it happen.

Tune in next month, when we’ll discuss 2024 predictions and trends. I think it will be a MUCH more exciting conversation.

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