There’s some interesting data here in the comparison of Spring Hill TN homes for sale year over year. I compared the data from June 2023 with June 2022 and the graphic shows the results. Overall home sales are down but so are active listings, those numbers are related. The average and median home prices are both up. The average days on the market has increased by 228% but that is only going from 7 days on the market to 23 days on the market which is still considerably less than it would take to shift to a buyers market.
June 2023 vs June 2022 Housing Market Data for Spring Hill, TN
What I find amazing is the increase in the average home sale price is up by 6.71%. Interest rates were beginning their rise at this time last year and Spring Hill still has increased its sale prices. This is largely due to the lack of homes on the market. Resales are down because homeowners were able to lock in low rates over the last few years. Unless there is a good reason to move, homeowners with these rates are staying put and enjoying the low payments.
My Opinion
My overall opinion is we that need to find a balance in the market between these higher interest rates, high home prices, and lack of homes on the market. Ideally interest rates should be in the mid 5% range. That would allow more movement of homes and increase the supply while allowing buyers to purchase with lower payments. We are in a log jam effect and that strongly favors those who intend to list a home and is very difficult for home buyers.
Dave Townsend, TriStar Elite Realty
C. 931-808-6808
O. 931-548-2300
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