Hey Team Rockensock community! We’ve got some exciting insights to share about the current state of the Wilson County real estate market. Buckle up as we break down the numbers and explore what’s happening not just locally, but across Middle Tennessee.
Market Trends Unveiled
In Wilson County, the real estate scene is showing some interesting trends. New listings are down by 13%, and under contracts have experienced a 21% decrease. Zooming out to Tennessee as a whole, new listings are down by 18%, indicating a broader market slowdown. However, here’s where it gets intriguing – rural Tennessee, including Nashville, is only down by 6%. What does this tell us? Wilson County seems to be a hotspot for real estate activity with more buyers and less inventory compared to surrounding areas.
Wilson County is not just drawing attention for increased activity; it’s also standing out in terms of pricing. Sales prices are up by 6%, surpassing Middle Tennessee’s 3%. This suggests that smaller-priced homes in Wilson County are moving at a faster pace, especially in rural areas and outside city limits.
The average sales price in Wilson County stands at $544,000, up by 4%, while Middle Tennessee sits at $539,000, up by 7%. Delving deeper, the average list price in Wilson County is a whopping $694,000, indicating a surge in new constructions and higher-priced homes. This is $150,000 more than the average sales price, signaling potential demand for premium properties.
Buyer’s Opportunity Amidst Market Challenges
While the market has been experiencing a slowdown for over a year, it doesn’t necessarily mean bad news for buyers. CoreLogic’s recent study sheds light on an interesting perspective – for every 1% decrease in interest rates, there could be 5 million new active buyers entering the market. With a total of just over 8 million closings in 2022, a 1% rate decrease could lead to a buyer frenzy.
As a buyer in the current market, there are opportunities to negotiate for concessions, rate reductions, and additional repairs. With a substantial number of buyers waiting for interest rates to drop, now is the time to be proactive and make the most of your buying power.
Navigating Low Inventory
One potential strategy is to request the seller to contribute to lowering the interest rate. This puts you ahead of the curve, especially considering the low inventory scenario. Total inventory is down 21% in Wilson County and 6% in Middle Tennessee. A surge in buyers with limited inventory could potentially drive prices back up, making the current moment a valuable window for negotiation.
Connect with Team Rockensock
We’ve thrown a lot of information your way, and we are sure there’s room for more discussion. If you have any questions or want to delve deeper into the data, don’t hesitate to reach out to us. We’re here to guide you through the intricacies of the real estate market and help you make informed decisions.