Market Trends

July 2024 – Wilson County, TN Market Trends

Let’s take a closer look at the real estate market data to better understand the correlation between these key metrics.

First, let’s talk about the months supply of inventory, which is currently at 2.76. This metric indicates how long it would take to sell all the homes on the market at the current pace of sales. A lower months supply of inventory typically indicates a seller’s market, as there are fewer homes available for buyers to choose from.

Next, we have the 12-month change in months of inventory, which is showing a decrease of 9.8%. This means that the supply of homes on the market is decreasing compared to the previous year, which could lead to increased competition among buyers and potentially higher prices.

The median days homes are on the market is 48, which is a relatively short amount of time. This suggests that homes are selling quickly, likely due to high demand and limited inventory.

The list to sold price percentage is 98.2%, indicating that homes are typically selling very close to their asking price. This could be a sign of a competitive market where sellers are able to achieve their desired sale price.

Lastly, the median sold price is $473,750, which gives us an idea of the average price point for homes in the market. This can be helpful for both buyers and sellers in understanding the current market value of properties.

Overall, these metrics paint a picture of a market with limited inventory, high demand, and homes selling quickly at or near their asking prices. Buyers may face challenges finding available properties, while sellers may have the advantage of selling quickly and potentially at a higher price. It’s important for both buyers and sellers to stay informed on market trends to make well-informed decisions in today’s real estate market.