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
5 Age Old Questions to Ask When Buying a Home
Buying a home can be a stressful thing. It’s a major financial commitment but beyond that you are investing in something that could have significant repair issues down the road. Always take time to investigate the major components of a house and plan for possible repairs or replacements down the road. Here are a few “age old” questions to ask when buying a home. How…
Buying a Home in Spring Hill, TN (What You NEED to Know)
The real estate market in Middle TN has been on fire over the last several years. One town in particular in Middle TN has been even hotter: Spring Hill, TN. Spring Hill’s growth over the last few years has been growing at an extreme velocity. I’ve been a Spring Hill resident since 2007 and before that was in Columbia in 1993. I’ve seen the area…
563 White Oak Trail Spring Hill, TN
SOLD! 563 White Oak Trail in Spring Hill, TN is located in the beautiful Oak Lake Estates subdivision. One of the most striking features about this community is the large lots that each home is built upon. 563 White Oak Trail has a 1 acre lot and has lots of outdoor space for the new homeowner to enjoy! 563 White Oak Trail 563 White Oak Trail has 1728…
5059 Kedron Rd Columbia, TN – Land and Shop for Sale
The sellers removed this property from the market. If you are interested in this property or similar one’s please contact me. What if you could find land in an amazing location, convenient to everything, but not too close to everything? Land that already has the necessary utilities for building a new 3 bedroom home? Land that even has a shop set up to help you…
Real Estate Hot Spots in Middle Tennessee via Google Trends
The Middle TN real estate market has been very busy this year. In 2015 we’ve really seen a resurgence of home sales that in some areas have surpassed the activity that was happening before the real estate bubble burst. The market has rebounded in many areas which has created several real estate hot spots in Tennessee. Real Estate Hot Spots in Middle Tennessee What are…
Middle TN Homes with 5 Acres under $400K (Farmsteads, Homesteads, Mini Farms)
Farmland in Middle Tennessee is something special. With the growth we’ve seen in recent years it is becoming more challenging to find affordable farms but it can still be done! The climate and natural beauty of our state makes Tennessee a wonderful place to start your farm if that has been your dream. Here you can find Middle TN Homes with 5 Acres under $400K….