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
2054 Morrison Ave Spring Hill TN – Highlands at Campbell Station
2054 Morrison Ave is a charming single-story attached townhome located in the desirable Highlands at Campbell Station neighborhood. This home is a perfect blend of comfort and convenience! Boasting two bedrooms, an office, and an open kitchen, this home is ideal for those seeking a cozy and functional living space. The pergola over the back patio provides a lovely outdoor space for entertaining or relaxing….
What are USDA Loans and Are they Right for You?
USDA loans are a type of mortgage that is guaranteed by the United States Department of Agriculture (USDA). They are and are designed to help low- and moderate-income borrowers in rural areas purchase a home. The USDA loan program is also known as the USDA Rural Development Guaranteed Housing Loan Program. Types of USDA Loans There are several types of USDA loans, including: Single Family…
Brixworth Homes for Sale in Spring Hill, TN
The Brixworth neighborhood has a great central location in Spring Hill, TN. It’s located in southern Williamson County and features large homes built by a variety of home builders. Homes for Sale in Brixworth – Spring Hill, TN For help with homes for sale in Brixworth or any other Tennessee neighborhood please contact Dave Townsend, REALTOR® at 931-808-6808.
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