September 2023 vs September 2022:
Closing Volume: -24% lower
Average Closed Prices: +5% higher to $537,650
Pending Volume: +4% higher
Inventory: -7% lower
Days on Market- 29 days in September 2023 vs 18 days in September 2022
Monthly Supply: 3.71 months in September 2023 vs 2.85 in September 2022.
NOTE FROM OUR PRESIDENT:
Prices continue to rise with a 5% increase. Inventories continue to decrease.
If you are waiting for prices to decrease, I’m not sure they will, with inventories this low. If you are waiting on lower interest rates, my suggestion to all homebuyers on the fence would be to purchase what you want now and refinance later. Refinancing will be much less than the price increases we will see once mortgage rates start decreasing. Inventories will be less, Prices will rise, and we’ll be back to fighting over homes again. So, if you can afford the higher rates, I would buy now while the market is a little slower/less buyer competition.
I hope everyone is enjoying the beautiful Fall weather. Christmas Season is only weeks away!!!
Robertson, Cheatham, Williamson, Maury, Giles, Robertson, Davidson, Marshall, Lincoln, Sumner, Wilson, Rutherford, Bedford
Moore, Macon, Trousdale, Smith, Dekalb, Cannon, Coffee, Franklin, Clay, Jackson, Putnam, White, Van Buren, Warren, Grundy,
Marion and Cumberland Counties.