Welcome to the Hyper Local Real Estate Report, where we provide Cookeville homeowners with the latest stats and data about the local housing market. I’m Joshua Lowery, a realtor covering the Upper Cumberland area and Middle Tennessee. Whether you’re a seller, a buyer, or simply curious about the real estate market, this report is tailored to you. We’ll dive into the numbers, analyze trends, and keep you informed about what’s happening in our local community. Continue reading or see the full video here.
Understanding the Absorption Rate For Cookeville, TN Homes:
One of the key metrics we’ll be discussing is the absorption rate, which measures the months of supply of inventory in the market. Currently, Cookeville stands at a 3.2-month supply of homes. This places us in a neutral market, where both buyers and sellers have a reasonable level of influence. A seller’s market typically has a lower inventory (1-2 months), while a buyer’s market has a higher inventory (4-6 months). Understanding the absorption rate helps you gauge the overall market condition.
Latest Cookeville Market Numbers:
Median List Price:
First, let’s look at the median list price for homes in Cookeville. Currently it is sitting at $419,000, showing a slight increase from the previous week’s $413,000.
Median Price of New Listings:
The median price of new listings is $347,000, providing insights into the current pricing trends.
Price per Square Foot:
The price per square foot has remained consistent at $199.
Average Days on Market:
Homes in Cookeville spend an average of 96 days on the market before getting sold. This number can vary depending on factors like pricing and demand.
Price Reductions:
Approximately 40% of homes have experienced price reductions, indicating a willingness among sellers to adjust prices based on market conditions.
Homes Relisted:
19% of homes have been relisted, showing a decline in properties returning to the market after being taken off.
Inventory:
The current housing inventory stands at 198 homes, representing the total number of properties available for sale.
Conclusion:
The Cookeville real estate market continues to show stability and potential for both buyers and sellers. By staying informed about the latest trends and statistics, you can make well-informed decisions that align with your real estate objectives. As we provide regular updates in our Hyper Local Real Estate Report, we hope to keep you well-equipped and confident in navigating the Cookeville housing market.
If you missed last weeks real estate update, check it out here: June 2023 Real Estate Report, where I compare June 2022 to June 2023. And to learn more about Cookeville, visit this source: Visit Cookeville
If you have any specific areas you\’d like us to focus on or questions about the market, feel free to reach out. Until then, remember….
ITS GO TIME
