The Nashville housing market is still leading the country, this time due to the average number of days a for-sale home stays on the market.
In January, Nashville homes were on the market for an average of 16 days, the quickest turnover among the figures of the 51 metro areas analyzed by real estate company RE/MAX.
Nationwide, the average was 34 days on the market, up two days from December. Other cities with speedy markets were Cincinnati at 18 days and both Omaha and Manchester, New Hampshire, at 20 days. Des Moines, Miami and Albuquerque were at the bottom of the pack, with homes sitting on the market for between 75 and 94 days in those cities.
"Sellers continue to enjoy favorable conditions, but with January activity slowing a bit ahead of the peak spring selling season, the consistent run-up in prices has tapered off as well," RE/MAX President and CEO Nick Bailey said in a release. "Mortgage rates are beginning to tick up, which might actually accelerate sales as buyers and sellers rush to beat any further increases. The price stabilization of the past few months is helping counter affordability issues, and we anticipate an active spring selling season driven by continued buyer demand."
This week has brought several pieces of news about the hot Nashville residential real estate market. Zillow reported that Nashville, San Diego and Las Vegas all saw 2.5-percent monthly growth in home values from December to January, tops in the nation. Zonda found that vacant lots were in short supply here, too.
Redfin reported that the average homebuyer moving to Nashville in 2021 had a budget of $736,900, compared to the average budget for a local homebuyer of $573,400.