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Advice for Sellers and Buyers
September 2024 Davidson County Real Estate Market Update
As we wrap up September 2024, the Davidson County real estate market continues to show signs of transition. Whether you're looking to buy or sell, understanding the current trends can help you navigate this changing landscape.
Inventory on the Rise
This month, Davidson County saw a 21% increase in active inventory, with 2,424 homes available on the market. The total inventory also jumped by 13%, which gives buyers more options and increases competition for sellers. The National Association of Realtors (NAR) has noted that nationwide, home sales have slowed by 4.2% compared to last year, with inventory levels increasing across many regions(National Association of REALTORS®)(National Association of REALTORS®).
Price Adjustments
Average sale prices in Davidson County are down by 10% from last year, and the median sale price also dropped by 2% to $485,000. This aligns with national trends, where price growth has moderated due to increased supply and fewer buyers, especially in the Southern U.S. where prices fell 2.3% compared to last year(Realtor).
Days on Market & Supply Levels
Homes in Davidson County are now sitting on the market for an average of 27 days, a 14% increase from last year, reflecting a market that is beginning to favor buyers. Nationally, similar trends are seen as time on market increased in 40 of the 50 largest metro areas, with Nashville specifically seeing a 15-day increase(Realtor). This shift has also contributed to the rise in the months of supply, now at 4.6 months, which is an indicator of a more balanced or even slightly buyer-favored market.
Mortgage Rates Influence Buyer Demand
Mortgage rates have fallen slightly, now hovering around 6.50% nationally, but they remain elevated compared to the 2023 average of 7.07%(National Association of REALTORS®). While this has provided some relief for buyers, it’s not enough to offset the higher inventory and increased competition among sellers. The Mortgage Bankers Association has also reported a slight uptick in mortgage applications, which could suggest renewed buyer interest if rates continue to fall.
What This Means for You
For buyers, the increased inventory and longer days on market present an opportunity to negotiate better deals. However, with mortgage rates still relatively high, making an informed decision on when to buy is key. For sellers, pricing competitively is crucial as the market adjusts to the current conditions.
Stay informed with more updates on how these trends might impact your real estate decisions by visiting Liberty House Realty, and don’t hesitate to reach out for a personalized market analysis.
Your Homes Value
Requesting a Comparative Market Analysis (CMA) for your home through Liberty House Realty provides accurate and comprehensive insights into your property's value. Leveraging local market knowledge and advanced technology, we deliver a detailed report on current market trends and comparable sales. This empowers you to make informed decisions, whether selling, refinancing, or simply understanding your home's worth. Our commitment to transparency and personalized service ensures you receive a clear and tailored assessment, guiding you confidently through the real estate market.