Quarter 2 - 2024 Report
Hello Quarter 3!
"Summertime... and the livin’ is easy!" as the classic song goes. This is Music City, after all, so we can sing a song of summer. The magnolia trees are perfuming the midsummer air and the gorgeous pink, purple, white, and red blooms of crepe myrtle trees add stunning splashes of color to Nashville streets. As summer temperatures rise, Nashvillians are finding ways to beat the heat, from a cooling plunge in a pool or lake to enjoying the air-conditioned great indoors.
With July 4 celebrations and fireworks behind us, we're fully into Q3 and inventory seems to be exploding right now.
Let's look back at how real estate sales performed in Q2 in the Greater Nashville area. The heat is on for home buyers, sellers, realtors, mortgage lenders, inspectors, and appraisers. The market seems to be turning towards sweet relief for homebuyers as indicated by increases in inventory and increases in the number of price improvements, price reductions, new prices, and price drop announcements. Every day, more and more of these price drops fill up my realtor inbox.
Top-of-the-market list prices that would have invited bidding wars a few years ago are now being shunned by buyers looking for greater value to offset the high interest rates and peak prices. It seems the Fed interest rate increases aimed at slowing down soaring prices and inflation have finally started to have the desired impact at long last - which is music to homebuyers’ ears. They've been waiting for this market shift for a long time and now we're starting to get a glimpse of it.
As the market tide changes, there are ups and downs, making life quite difficult for sellers - especially condo sellers - to navigate. Q2 saw the median condo price dip by 3.3% with inventory up, up, up 15% across the board from the same time in 2023. Mortgage interest rates are hovering around 7% and there is talk of potential interest rates easing in the not-too-distant future. We'll have to wait to see if that actually happens.
In Quarter 2, 2024 we saw a decrease in the number of residential home sales from the same time last year. However, the median home price for a 3-bedroom 2-bathroom single-family residence increased by 8.3%, jumping from 474,945 in Q2 of 2023 to $506,500 in Q2 of 2024.
It seems there’s good news for condo buyers in particular. For buyers who have been waiting on the sidelines for a more favorable time to buy, increasing inventory and decreasing prices means diving into the market makes more sense right now.
Reach out if you are looking to purchase or sell a residential property. And if you are relocating to the Greater Nashville area, we offer you our network of wonderful realtors who we can refer you to in your local market. We do the legwork for you and connect you with a realtor pro to make your home sale a success story.
The team at Nashville Real Estate Rockstars congratulates all our clients for their real estate achievements and we look forward to helping more clients move forward with their real estate goals in 2024.
Now let’s look at the numbers in detail for Q2 of 2024.