January Nashville Market Update
What is currently happening in the Nashville Real Estate Market as of February 2023? There are headlines out there giving you a broad idea of what the market as a whole looks like, but it is important to focus on each state and city specifically. Let’s dive into what you should know about the market for the Middle Tennessee area.
Statistics from Greater Nashville Realtors
When we look at January of this year compared to January of 2022, the Nashville area home sales were down 31%. To break that down, we had 800 less closings this year than in January 2022. Our markets are different from this January to last, however, our market is not tanking. Just because home sales are low, does not mean we are in a recession. Again, January 2022 and January 2023 are just two different markets.
Average Home Sales Prices
We have seen home sale prices increase from last January to now. The median price for a single family home in Middle Tennessee was $425,000 as of January 2022. Now, the median price for all single family homes in Middle Tennessee is $450,000 as of January 2023.
Williamson County Statistics
In Brentwood, the median price for a single family home is $950,250 as of January 2023. This price is up 9.2% from the previous January. For Franklin, the single family home price as of this January was $817,000. This is a 16.4% increase from last January. Lastly, in Nolensville, $767,500 was the median price for a single family home. This is a 30.6% increase from the same time last year.
Buyers, you have more opportunity now than you did a year ago. There are more and more homes on the market, meaning there’s less multiple offer situations happening. We are seeing a new crowd of buyers come into the market, with large turnouts for open houses.
Why Nashville Continues to Thrive
We are continuing to see more and more people choose Middle Tennessee to be their home. Relocators are coming for business, maybe even relocating their businesses to our area. We have no state income tax and lower property tax, so money is going to go further here than in other areas. Compared to the national economy, Tennessee is putting more money back into our people's pockets.
Overall home values continue to increase. If you’re looking to move here, it is important to consider home value and appreciation. We can not see where home value will sit in a year, but within three to five years, we are going to continue to sit on more and more equity.
Lenders are anticipating we are going to be more stabilized in our interest rates. Our market is going to continue to move and grow. Rates are stabilizing, so now is the great time to purchase. We are also still in a sellers market. However, this does not mean this is a bad time for buyers.
The Caitlin Martin Team is ready to help! If you are thinking about making a move to Nashville, or if you have questions about the Nashville real estate market, please do not hesitate to reach out to me, myself and my team, we would love to talk to you. If you are ready to start that conversation, there's a link down below that you can click to go ahead and get the conversation started. Otherwise, if you're not quite ready, that's okay too! We have a free Nashville relocation guide here, https://www.theresnoplacelikehomenashville.com/buyers/nashville-relocation-guide/. If you ever need anything, we are here and happy to talk to you. All of our contact information can be found here, https://www.theresnoplacelikehomenashville.com/contact/.