00:58 Median Price Point
01:29 Total Closings + Average Days on Market
02:04 Pending Home Sales
02:32 Summary, yep
Market Report July 2021
What’s the jam, fam? It’s Joshua here with another edition of the the Home Agent Group On Real Estate Stuff!
That’s not a thing. But it could be a thing. Tell you friends about it. It’ll catch on.
I normally just send out a market report to my email list and put it on my site but this month I wanted to share the news on Youtube. Let me know what you think – this is gonna be a fairly short one so watch it to the end, comment below, like it if you like it and if aren’t already – subscribe and turn on those notifications.
Now let’s look at what the Greater Nashville area real estate market did last month.
So the biggest number for us in this market right now, because we’ve had such low inventory recently, is the number of listings. This month we had a fair jump from last month, especially considering months before. Now considering there are only 5,000 homes listed according to this record, and there are just under 900 buyers reported in the Hendersonville area alone where my office is, you can see there’s still a major lack of inventory to go around to all the areas this market report covers. But more is better.
The other big number for me is the median price point. What’s interesting here is that it has not really gone up. It’s important to note that this year, to date, we’ve seen a 17% increase in the median price point for residential single family homes. So to see that it hasn’t increased for the month of July is – I would say a major break for home buyers in middle Tennessee in terms of competition. Although $415,000 average entry level for a home in Nashville can be a lot for some folks, unfortunately.
Total closings is another important number here. It shows just how much of these past months’ inventory has gone under contract and hit the closing table in July. 4,300 closings is a good jump from previous months, but it’s good that we already know that there are more listings coming on. Bearing in mind the average days on the market is 22, which is twice as fast as most loans take to close, the majority of these closings must be cash or at least limited contingencies, so I hope that as the listings count rises, we will also see an increase in the days on the market, or contract terms, in coming months.
Finally, pending home sales has gone down a little bit. Again I think this is a result of buyer fatigue. It’ll happen in a really hot market. It’s a good thing if you’re looking now because those houses that have been on a little longer may have some more wiggle room than others that just came on. Sort of like the friend of the hot chick at the bar. She’s just as cute but no one noticed her after hot chick came in with those high waisted shorts. It’s psychology.
But that’s it for now. That’s the crux of the information that I think we can use to determine what might happen in the near future, and definitely helps me with how I approach offers for my buyers. Market report July 2021, check! Let’s talk about it, let me know what you think in the comments below, thank you so much watching, don’t forget to mash that like button, subscribe and turn on those alerts. I’ll see you soon.