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Nashville Market Update – June 2023

By July 18, 2023July 19th, 2023No Comments

The June numbers are out, and the story they tell is pretty much the same as last month.

As a reminder, we are showing the monthly year over year numbers (meaning, the June numbers last year vs the June numbers this year). Also, since 2022 was a weird outlier of a year, and before that was Covid — we are going back to 2019 as the last “normal” year before now, and showing numbers from 2019, 2022, and 2023.

SALES PRICE – our sales prices have dipped slightly, but remember 2022 was the year when people were offering left legs and firstborn children, each listing had multiple offers, almost always above list price (and usually significantly so). But we continue to show almost $160,000 worth of equity in four years, which is truly amazing!

LIST PRICE: Same as last month, we see that sellers are still massively over-pricing their listings…which results in longer days on market (see below) than we are used to, because it takes time to do all those price reductions before finally reaching the price the market is determining! Again, note that sellers are going on the market almost $80,000 HIGHER than where they were listing last year – at the height of the market! This is what I am seeing personally with my own listing appointments; sellers wanting to price their homes much, much higher than the current market says they are worth.

Finally, let’s talk about inventory:

We have more inventory than this time last year, but still not as much as we did in 2019. As you have probably heard — this is because so many folks currently have such a low interest rate (anywhere between 2-5%) and the current rates are in the high 6’s if you are well-qualified. That means the monthly mortgage payment of a similarly-priced property is now much higher, so people aren’t moving unless they have to.

A reminder about this, however — interest rates are always temporary, and historically go down in election years — so there is a decent chance you can refinance next year and lower your payments. Also, there are ways to buy down your rate, or even get the seller to do it!

Housing data is provided by Greater Nashville REALTORS®.