The market numbers are in from last month, and I would like to share them with you.
We’ve got the numbers for the May 2017 market, and we’d like to share them with you.
We saw 3,943 closings in the month of May. That’s a 6.6% year-over-year increase. The market continues to be on fire, and we’re continuing to see people moving to the middle Tennessee area. This is causing some upward pressure on pricing due to low supply and high demand. We’re going to continue seeing those prices rise moving forward.
As long as interest rates remain low, it’s still a great time to hop in and buy a home before interest rates go up. The experts say that interest rates are expected to continue to climb over the next 12 to 18 months.
With supply so low, you need a real estate agent to help you close on the home of your dreams.
Year-to-date closings are at 15,606 homes, which is a 7% increase over this time last year. So we’re seeing more homes selling for more money, and it’s all being done with low inventory on the market. We’ve seen inventory drop 11% to 1,066 units from this time last year.
With supply low, it’s important that when you’re looking for a home that you work with a real estate agent who will help guide you through the process so that you don’t lose out on the home of your dreams through a technicality.
The average sales price of homes in the middle Tennessee area is up to $279,142, which is a 7.8% increase from last year. Condo prices have also risen 5.7% to $205,000 which is $11,000 more than last year’s average price.
We’re here to serve you with all of your real estate needs so if you’re looking to buy or sell a home in the middle Tennessee area or you have any real estate questions at all, please give me a call or shoot me an email. We’d be happy to help!