Nashville Real Estate - December 2022 Update

By
Real Estate Agent with Benchmark Realty LLc License# 00285925

Nashville real estate for sale and November 2022 market report - The number of single family homes sold in the Nashville area declined by 37% compared to the same month last year, however the prices of homes sold still averages 8% more than they did 12 months ago.

  • 1992 homes sold in Nashville during November of 2022 compared to 3182 for the same month last year a reduction of 37%
  • the median sales price for Nashville homes was $460,000 up from $425,000 last year, an increase of 8%
  • 7002 homes are available for purchase at the end of at end of November compared to 3019 last year, more than double
  • the absorption rate based on November home sales and available inventory is three months
  • the average days on market for Nashville homes is now 41 days
  • 332 Nashville condos sold during the month compared to 599 for the same month last year
  • the median sales price of Nashville condos was $345,000 compared to $298,000 last year

Most experts believe that prices will flatten if interest rates remain elevated compared to the last 10 years, we can only make assumptions based on past history and what the Federal Reserve bank is forecasting. Homes are staying on the market longer and buyers have a better opportunity to find a home they love instead of trying to buy a home that has 10 bids on it already. If you are moving here from out of state, it's a lot better time to buy than it was last year or even in the spring of this year because we have a much better selection of homes. Search for Nashville Real estate here information on this page is based on information on Nashville real estate per the Nashville Multiple Listing Services, Inc. and is deemed reliable but, not guaranteed. This posting and the contents written here are the intellectual property and opinions of Larry Brewer of Benchmark Realty. Providing real estate services to clients in Nashville, Brentwood, Franklin, Spring Hill, Green Hills, and the middle Tennessee area

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Comments (1)

Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Thanks for sharing your market update with us. Buyers & sellers in your area would benefit from your services. Have a great day!

 

Dec 11, 2022 05:46 PM
Larry Brewer - Benchmark Realty llc

Hi Debe - I was watching the last dance last week about Michael Jordan, and I remembered that he had a home on Lake Norman. Made me wonder if you sold it to him. Hope so. Have a great week.

Dec 12, 2022 01:11 PM