Prices are up, sales are up, and inventory is down in our market. Here’s what that means for buyers and sellers.
What’s been happening in our market lately?
In February, nationwide home sales rose considerably, and our area followed suit. Our market is still identified as being one of the top five markets for buyers and sellers across the country. Here are some statistics from February from the Greater Nashville Association of Realtors.
All in all, 2,507 homes were sold last month, which was an increase of 9.3%. Year to date, the market is up 10.3% over this time last year. We attribute this somewhat to the seasonably warm weather we’ve recently experienced that’s caused people to be out looking for homes sooner than they otherwise would’ve.
Our level of inventory decreased 15% to 1,800 units. The average price of a single-family home was $258,950, and the average price for condominiums was $192,400. At the same time last year, single-family homes averaged $235,000 and condos averaged $174,380. That’s roughly $24,000 worth of appreciation. If you’re a homeowner, think of the appreciation you’ve made in the last 12 months!
We’re expecting the market to continue to rise this year. We actually think 2017 will be better than 2016. We will start to see interest rates go up, though.
If you’re ready to sell your home, now would be a great time to cash in and make a profit. If you’re a buyer, it also makes sense to buy right now because interest rates are still historically low. You’re better off buying now at a higher price and a lower interest rate than buying later for a lower price and a higher interest rate.
If you’re thinking about entering the market, either as a buyer or a seller, please feel free to reach out to us. We’d be glad to help.