And another month comes to a close!
The local association of Realtors here in Nashville, TN, and surrounding areas, has published a summary of what the Davidson County, TN, market is doing. You can view the aesthetically-pleasing report here. Let’s dive right in.
Median Sales Price for Single Family Home: $285,000
This isn’t the highest for the year, but it’s higher than any month of years prior. Around this time last year, the MSP was incrementally increasing, but this year it has been more on a downward trend. November did provide a spike to the trend, however.
Months of Supply for a Single Family Home: 2.4
It is usually agreed that a seller’s market is up to 5 or 6 months of supply, and buyers have more leverage in the market place in months longer than that. However, it should be noted that this number is an average across all price points and houses in the $400,000+ range are often sitting on the market for 6 months or more. It is quickly becoming a buyers market on the high end homes.
Number of Houses Available to Buy: 9,454
This one is particularly interesting due to the drastic difference between the last two years, and 2015. Inventory is extremely low in the last couple years! There does appear to be a trend yet again in the past few months that inventory is increasing ever so slightly every month.