REAL INSIGHTS
WHAT’S INSIDE Introduction State of the Market
Middle TN Report County Reports
Other Stats
Q1-2024 MIDDLE TN REAL ESTATE MARKET REPORT
Q1-2024 in Review
As we bid farewell to the first quarter of 2024 and embrace the arrival of spring, reflections on the past months reveal significant developments across Middle Tennessee. The region has witnessed a steady rise in inventory, marking a positive trend for prospective buyers.
Throughout Q1-2024, home prices experienced a modest year-over-year increase, yet some counties experienced slight sales declines.
Despite this, both buyers and sellers have opportunities to achieve their real estate goals as we enter the peak of the spring selling season.
s
17,918 000 100 200 300 400 500 2024 2023 2022 2022 State of the Market Q1-2024 QUARTERLY MARKET REPORT Middle Tennessee Q1-2024 JANUARY - MARCH INTEREST RATES 30-year fixed rate for conventional mortgage loan 6.62% 6.78% 6 82% JAN MAR FEB (CurrentandhistoricmortgageratessourcedfromBankrate com) ACTIVE INVENTORY Q1-2024 vs Q1-2023 (+7 7%) 21,776 2 0 2 3 2 0 2 4 HOMES SOLD Q1-2024 vs Q1-2023 (-5.5%) 2023 $484K MEDIAN SALES PRICE Single-Family Homes Q1-2024 AVERAGE DAYS ON MARKET Q1 2022 - 2024 12 34 34 2022 2023 2024 STATE OF THE MARKET 3.75 months of inventory - Neutral Market (BasedonQ1-2024housinginventory Seller’sMarket=0to3monthsinventory Neutral Market=3to6monthsinventory Buyer’sMarket=6+monthsinventory ) 6,583 2024 6,223 2024 2023 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 2022 2023 2024 Middle TN includes: Davidson, Cheatham, Maury, Robertson, Rutherford, Sumner, Wilson and Williamson Counties
7,325 000 100 200 300 400 500 600 2024 2023 2022 2022 State of the Market Q1-2024 QUARTERLY MARKET REPORT Davidson County Q1-2024 JANUARY - MARCH ACTIVE INVENTORY Q1-2024 vs Q1-2023 (+ 29 3%) 5,665 2 0 2 3 2 0 2 4 HOMES SOLD Q1-2024 vs Q1-2023 (- 5.4%) 2023 $500K MEDIAN SALES PRICE Single-Family Homes Q1-2024 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 2022 2023 2024 AVERAGE DAYS ON MARKET Q1 2022 - 2024 12 33 35 2022 2023 2024 STATE OF THE MARKET 4.2 months of inventory - Neutral Market (BasedonQ1-2024housinginventory Seller’sMarket=0to3monthsinventory Neutral Market=3to6monthsinventory Buyer’sMarket=6+monthsinventory ) 2,441 2024 2,309 2024 2023
1,224 000 100 200 300 400 500 2024 2023 2022 2022 State of the Market Q1-2024 QUARTERLY MARKET REPORT Maury County Q1-2024 JANUARY - MARCH ACTIVE INVENTORY Q1-2024 vs Q1-2023 (-11%) 1,376 2 0 2 3 2 0 2 4 HOMES SOLD Q1-2024 vs Q1-2023 (- 6%) 2023 $419K MEDIAN SALES PRICE Single-Family Homes Q1-2024 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 2022 2023 2024 AVERAGE DAYS ON MARKET Q1 2022 - 2024 13 34 36 2022 2023 2024 STATE OF THE MARKET 3.6 months of inventory - Neutral Market (BasedonQ1-2024housinginventory Seller’sMarket=0to3monthsinventory Neutral Market=3to6monthsinventory Buyer’sMarket=6+monthsinventory ) 465 2024 437 2024 2023
2,651 000 100 200 300 400 2024 2023 2022 2022 State of the Market Q1-2024 QUARTERLY MARKET REPORT Rutherford County Q1-2024 JANUARY - MARCH ACTIVE INVENTORY Q1-2024 vs Q1-2023 (-9%) 2,915 2 0 2 3 2 0 2 4 HOMES SOLD Q1-2024 vs Q1-2023 (- 9%) 2023 $440K MEDIAN SALES PRICE Single-Family Homes Q1-2024 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 2022 2023 2024 AVERAGE DAYS ON MARKET Q1 2022 - 2024 9 39 30 2022 2023 2024 STATE OF THE MARKET 2.85 months of inventory - Neutral Market (BasedonQ1-2024housinginventory Seller’sMarket=0to3monthsinventory Neutral Market=3to6monthsinventory Buyer’sMarket=6+monthsinventory ) 1,286 2024 1,174 2024 2023
1,747 000 100 200 300 400 500 600 2024 2023 2022 2022 State of the Market Q1-2024 QUARTERLY MARKET REPORT Southern Middle Q1-2024 JANUARY - MARCH ACTIVE INVENTORY Q1-2024 vs Q1-2023 (+6 8%)
2 0 2 3 2 0 2 4 HOMES SOLD Q1-2024 vs Q1-2023 (- 3%) 2023 $313K MEDIAN SALES PRICE Single-Family Homes Q1-2024 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 2022 2023 2024 AVERAGE DAYS ON MARKET Q1 2022 - 2024 25 56 53 2022 2023 2024 STATE OF THE MARKET 4.76 months of inventory - Neutral Market (BasedonQ1-2024housinginventory Seller’sMarket=0to3monthsinventory Neutral Market=3to6monthsinventory Buyer’sMarket=6+monthsinventory ) 1,286 2024 1,174 2024 2023 Southern Middle includes: Franklin, Bedford, Moore and Coffee Counties
1,608
2,810 000 100 200 300 400 500 2024 2023 2022 2022 State of the Market Q1-2024 QUARTERLY MARKET REPORT Williamson County Q1-2024 JANUARY - MARCH ACTIVE INVENTORY Q1-2024 vs Q1-2023 (+7 8%)
2 0 2 3 2 0 2 4 HOMES SOLD Q1-2024 vs Q1-2023 (- 2.1%) 2023 $971K MEDIAN SALES PRICE Single-Family Homes Q1-2024 $1,000,000 $950,000 $900,000 $850,000 $800,000 $750,000 $700,000 $650,000 $600,000 2022 2023 2024 AVERAGE DAYS ON MARKET Q1 2022 - 2024 10 36 37 2022 2023 2024 STATE OF THE MARKET 4.1 months of inventory - Neutral Market (BasedonQ1-2024housinginventory Seller’sMarket=0to3monthsinventory Neutral Market=3to6monthsinventory Buyer’sMarket=6+monthsinventory ) 894 2024 875 2024 2023
2,607
1,596 000 100 200 300 400 500 600 2024 2023 2022 2022 State of the Market Q1-2024 QUARTERLY MARKET REPORT Wilson County Q1-2024 JANUARY - MARCH ACTIVE INVENTORY Q1-2024 vs Q1-2023 (-2 6%) 1,639 2 0 2 3 2 0 2 4 HOMES SOLD Q1-2024 vs Q1-2023 (- 6.4%) 2023 $470K MEDIAN SALES PRICE Single-Family Homes Q1-2024 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 2022 2023 2024 AVERAGE DAYS ON MARKET Q1 2022 - 2024 10 27 31 2022 2023 2024 STATE OF THE MARKET 3.56 months of inventory - Neutral Market (BasedonQ1-2024housinginventory Seller’sMarket=0to3monthsinventory Neutral Market=3to6monthsinventory Buyer’sMarket=6+monthsinventory ) 598 2024 639 2024 2023 Southern Middle includes: Franklin, Bedford, Moore and Coffee Counties
Other Stats
State of the Luxury Market
Keller William Realty Highlights
000 200 400 600 800 2024 2023 2022 2022 State of the Luxury Market Q1-2024 QUARTERLY MARKET REPORT ($1M + HOMES) Middle Tennessee Q1-2024 JANUARY - MARCH ACTIVE INVENTORY Q1-2024 vs Q1-2023 (+29 2%)
2 0 2 3 2 0 2 4 HOMES SOLD Q1-2024 vs Q1-2023 (+8.2%) 2023 $1.4M MEDIAN SALES PRICE Single-Family Homes Q1-2024 AVERAGE DAYS ON MARKET Q1 2022 - 2024 18 33 44 2022 2023 2024 STATE OF THE MARKET 6.32 months of inventory - Neutral Market (BasedonQ1-2024housinginventory Seller’sMarket=0to3monthsinventory Neutral Market=3to6monthsinventory Buyer’sMarket=6+monthsinventory ) 658 2024 712 2024 2023 $1,700,000 $1,600,000 $1,500,000 $1,400,000 $1,300,000 $1,200,000 $1,100,000 $1,000,000 $900,000 2022 2023 2024 Middle TN includes: Davidson, Cheatham, Maury, Robertson, Rutherford, Sumner, Wilson and Williamson Counties
3,666
2,838
Keller Williams Realty
HIGHLIGHTS FROM Q1-2024
All Middle TN KWs
JANUARY 2024 - MARCH 2024
Keller Williams Realty reaffirms its position as the premier real estate force, securing the top rank in transactions for the inaugural quarter of 2024 In the heart of Middle Tennessee, KW stands as a beacon of excellence, commanding not just the listing landscape but also clinching the highest number of home sales compared to any other brokerage in the area Our ongoing triumph underscores our steadfast commitment, unparalleled expertise, and the deep trust bestowed upon Keller Williams by our valued clients
792M TOTAL SALES VOLUME
1,693
16.5% TOTAL TRANSACTIONS
3,000
MARKET SHARE 200 600 1000 1400 1800 Keller Williams Benchmark Parks Re/Max Compass
Buy and Sell Side Q1-2024
#1TRANSACTIONS
REAL INSIGHTS Q1-2024 MIDDLE TENNESSEE MARKET REPORT
Franklin Murfreesboro Music City