We are sharing an update on the Real Estate Market here in Middle TN to be sure you are up to date on how the market is trending. Steven Dotson, our President, put together this great update and I wanted to be sure to send over so you can stay up to date on what is happening in the market.
Summary from Steven Dotson:
While the National home sales seem to be cooling just a little bit, the local real-estate market continues to be hot as ever. National home sales are 3% lower for the year to date totals for 2018 vs 2017 compared to Locally, we are 5% higher for the year to date totals for 2018 vs 2017. I would contribute the difference in inventories. Locally, we have seen inventories increase so the sales have followed. Nationally, the inventories continue to be lower than previous years and the sales have followed with a slight decrease as well. Some economists have the opinion that higher prices and mortgage rates increasing have kept those on the lower end from being able to afford a home. Locally, we have such a low supply and high backed up demand for the lower end that is will take more price increases to slow down the lower end/first time buyer home sales.Most of the lower end listings continue to sell in days if not hours with multiple offers. We all guessed the sales would follow the inventories so that opinion continues to have validity by looking at the local and national trends.
FULL ARTICLE CLICK HERE: RedReport-pdf-6-18.pdf