Fall has historically been a slow period for the U.S. housing market, but the pandemic housing market is still going strong, based on figures from Greater Nashville Realtors.
In October, the median home sales price in Williamson County jumped by nearly $49,000 from September to $733,950. That 7-percent increase ended a monthslong stretch where housing activity slowed from its frenzied pace and high prices boxed out some buyers.
Even the pace of price growth grew. The median sales price rose by 27 percent in October from the year prior, according to statistics from GNR. That compares to a 17-percent year-over-year increase in September.
The typical home sold in October was on the market for 27 days. Many homes are still selling above listing price and receiving multiple offers, according to Greater Nashville Realtors president Steve Jolly.
Real estate agents might be even busier if there were more houses to sell. Short supply continues to push prices upward.
While the market could cool off some in the coming months, Jolly expects low interest rates and continued migration to Williamson County to underpin demand. He adds that any slowdown in price gains could also prompt potential buyers who have been waiting on the sidelines to jump back into the market.
Purchase mortgage applications in Tennessee rose 8 percent from September, per the Mortgage Bankers Association, which would also suggest that home sales could continue to rise in the coming months.
Zillow’s decision to abandon its home flipping business this month will have little impact on sales price, according to Jolly, who said the company was focused on buying and flipping homes under $500,000. Zillow purchases accounted for very few home sales in Williamson County.
“We’ve been tracking housing prices for over 20 years, and we’ve never seen anything like this,” says Frank Nothaft, chief economist at CoreLogic.