It's a Sellers Market in Clarksville TN
The housing market in Clarksville TN has been red hot like much of the rest of the country. Buyers in the market for a new home have to move fast or they lose out in the matter of a day or two. The market has been less volatile in regards to prices being more stable but we are beginning to see a rise in the last few months of 2-3% price increase across the board.
To take a look back at 2016, the inventory exceeded 2100 homes with a general absorption rate of 8-9 months. In early 2017, the inventory was about the same but by spring the time on market had come down to 6-7 months. Inventory started falling throughout the year and so did market time. By the end of the year we were looking at 3-4 months of inventory.
Today, we are in one of the quickest markets I can remember. The homes inventory is lower than it has been in years with it being under 900 homes. Homes are selling at over 300 per month making the absorption rate at a little over 2 months. Keep in mind that if the home is priced right and in good condition that is will sell almost instantly when it hits the market.
I tell sellers to get their homes ready and buyers will respond favorably. There will not be long showing periods and their homes will go into pending status quickly. In certain neighborhoods a home can go on the market and have multiple offers within a few hours. Neighborhood and location still matter and the fact that buyers know and recognize when homes are in great condition and priced right for the market take quick action.
There are over 900 agents in the area so that is less than one listing a piece. There is still a need for a seller to be represented well and have the negotiation skills and guidance of a good agent. Don't go It alone.
With fewer homes on the market, sellers should be able to sell quickly this spring and summer. This is the best I have seen Clarksville's Real Estate Market in 10 years.
If interest rates continue to climb then it will be more difficult to get buyers to qualify to buy. But for now, interest rates are holding and sellers are enjoying the ride.
How Long Does It Take to Sell a Home in Clarksville TN?
This is provided by The Real Debbie Reynolds. For current real estate inventory in Clarksville TN, click here. 931-320-6730.
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