This report will give you hyperlocal insight into the State of the Cookeville Tennessee Real Estate Market. Sellers, Buyers, and anyone that is curious where we are. This analysis is for you! Enjoy! I wanted to take a moment to provide you with a market update, especially for those who are interested in local market data. Whether you\’re a seller, buyer, or just curious about what\’s happening, I believe you\’ll find these numbers interesting.
Let\’s dive into the statistics comparing June 2023 to June 2022 in our area. Please keep in mind that these figures represent the mid-July market conditions:
New Listings
New listings were down by -34.5% compared to last year. This indicates that we are still experiencing a low inventory market, with fewer sellers than buyers.
Pending Sales
Pending sales remained unchanged, with zero percent change. This means that the number of sales that haven\’t closed yet is relatively steady.
Closed Sales
Closed sales were down by -31.9% from last year. This further supports the fact that there are fewer sellers in the market. But also fewer buyers compared to years past. However we still have a good stream of buyers.
Days on Market
The average days on the market increased by +131% compared to last year. If you\’re a current seller, it\’s important not to get discouraged. On average, it takes about 102 days to sell a home in Cookeville and the surrounding areas of Tennessee.
Median Sales Price
The median sales price increased by +10.6% from last year.
Average Sales Price
However, the average sales price only saw a slight increase of +1.3%, indicating a slowdown in the rapid rise of home values seen in previous years.
Percentage of List Price Received
The percentage of list price received decreased by -1.5%. In June 2022, sellers received 99.1% of their list price, whereas this year it\’s down to 97.6%. This decrease suggests that there have been more price reductions, likely due to increased competition.
Inventory of Homes for Sale
The inventory of homes for sale decreased by -3.7% from last year. This means there are currently fewer homes actively listed on the market than this same time last year.
Months Supply of Inventory
We currently have a little over three months of inventory (3.2 months), which is up by +6.7% from last year. If no new homes were listed, it would take approximately three months to absorb all the active listings. This indicates a neutral market, where neither sellers nor buyers have a significant advantage.
Absorption Rate: The absorption rate tells us a significant story. Sellers Market is 1-2 months of inventory. Neutral Market is 3 months of inventory. Buyers Market is 4-6 months inventory. Keep those in mind when thinking of inventory.
Where are we headed in the months to come?
It\’s worth mentioning that there\’s a report by Morningstar in Chicago suggesting that interest rates may drop to 5% and 4% in 2024 and 2025, respectively. This news could lead to increased home affordability, benefiting both sellers looking to buy a new home and buyers who have been priced out of the market.
Keeping a Pulse as we Move Forward
I hope this market update has been helpful. If you have any questions or need assistance with anything real estate-related, whether it\’s buying, selling, or general inquiries, please don\’t hesitate to reach out. I strive to provide exceptional service and work hard to ensure your success. Remember, if you don\’t win, I don\’t win.
I will continue sharing these updates on a weekly basis, so please feel free to share this video with others who may find it informative. Thank you for tuning in and keeping up with the market data.
Please remember to go to my website for more granular information about the market, happenings, and more.
Be sure to go to my home page for all things real estate. If you want more information about Cookeville, TN. Visit the hyperlocal page of COOKEVILLE, TN.
ITS GO TIME
