Market Report: May 2022
Demand for our area remains high, and it’s having a positive effect on prices.
National data shows that home sales have been on the rise since January which means more options for buyers in the low inventory market. According to Realtor.com the growth is expected to continue.
Despite rising prices, homes continue to move fast!
Homes are selling faster so you must act quick. Since January the national average days on market has gone from 19 days to 16 and in our local area of Middle Tenn the average resale home days on market is about 3 days. Although a bit intimidating it’s the one market that you could buy without a sale of home contingency because your current home will sell just as fast, although you do need a real estate expert to help navigate you thru the timeline and deadlines of those dates, that is crucial.
Buyers are searching now, and we expect competition to stick around.
Be ready and write the strongest offer possible. An offer I wrote just today looked like this. Thirty thousand over list price, no appraisal, no inspection contingency (although I do not advise that) and all cash closing in two weeks.
If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. I understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 15 years to get the results they deserve so that they can move on to their next chapter with ease. Real Estate Market Highlights: May
|2021 YTD||2022 YTD||2021 vs.
|Average Sales Price||$384,873||$509K||32%||Home prices have increased almost by $40K in some counties since Jan.|
|New Listings||441||447||3.5%||Lowest in home Inventory since 1999.|
|Price Per Sq. Foot||$172||$221||28.5%||Condo price increase has eliminated several home buyers the past couple months|
SimpliHOM Realty OFFICE: 855-856-9466 Website: AmberCarlson.Com Lic#306652