Overheated real estate market begins to cool?
A recent news headline created a stir among consumers about the local real estate market. July’s home sales were not quite at the same pace as June’s. Does this mean the market is cooling?
The U.S. median home price is still up 10.3% from last year at this time. For perspective's sake: average appreciation in Nashville for the past 35 years is 4.7%, so while we may have witnessed a slight cooling in July, we are still up 5.6% and have 4 more months in the year.
Homes for Sale
The driving factor in bidding wars is that there isn’t inventory to choose from: Nashville inventory is down 41.3% from last year. With such limited supply, buyers have to be competitive in their offers in order to purchase a home. According to Redfin, Nashville is #3 in the country for the number of bidding wars.
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