January 2020
Tennessee, Davidson County, Green Hills
The housing market is healthy in the Nashville area, although there are some indicators showing that even with the insurge of companies flowing and investing in Tennessee growth, the housing market is slowing somewhat for the first quarter of 2020.
Last year at this time there was only two months worth of inventory available for home purchasers versus three months available in January of this year. The higher the house inventory the lower the sale price.
Days on market last year in January was 44 versus 62 for January of 2020. This indicates that buyers are a bit more reluctant to buy and are taking their time in selecting the right house to get the most out of their budget.
Price per square foot had a healthy increase. However, last years increase in January was 6% versus 4% this year. That means that equity is increasing at a slightly slower rate. This slowing of equity is a healthy indicator because the previous 6% was a bit high, leading to inflation. This slowing is a good economic indicator in general although home owners will not see the same equity increase they have year over year for the past several years. Their increase appears as if it will slow a bit for 2020.
If you have been thinking of selling in 2020, now is an excellent time as inventory is still low and equity has had a healthy increase in the past. Early spring is also an excellent time to list your home as inventory is typically lower than the summer months when inventory increases and sale prices decrease.
Take advantage and book your pro consultation today!
