Real Insights Q4 2023 Market Report

REAL INSIGHTS Q4-2023 MIDDLE TN REAL ESTATE MARKET REPORT

WHAT’S INSIDE Introduction State of the Market Middle TN Report County Reports Other Stats

What. A. Year!

As we bid farewell to 2023, we are delighted to bring you the latest insights into the real estate landscape in Middle Tennessee for the 4th quarter.

In 2023, the real estate market in Nashville and the surrounding Middle Tennessee region was a roller coaster for both buyers and sellers. Residential property values and inventory in most areas continued to increase at a slower but steady pace, while buyer demand still lagged behind the previous couple of years.

If your 2024 goal list includes a new home, let’s talk about every available option and get a plan in place.

State of the Market Reports Middle Tennessee Davidson County Maury County Rutherford County Southern Middle Williamson County Wilson County

State of the Market 2023 QUARTERLY MARKET REPORT

Middle Tennessee Q4 OCTOBER - DECEMBER 2023

$471K

MEDIAN SALES PRICE Single-Family Homes Q4-2023

$500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 2021

2023

2022

AVERAGE DAYS ON MARKET Q4 2021 - 2023

INTEREST RATES 30-year fixed rate for conventional mortgage loan (Current and historic mortgage rates sourced from Bankrate.com)

6.93% 5.53% 3.15% 2021

2022

ACTIVE INVENTORY Q4-2023 vs Q4-2022 (+0.48%)

2023

HOMES SOLD

Q4-2023 vs Q4-2022 (-6.3%)

11

22

27

2021

2022

2023

STATE OF THE MARKET 3.68 months of inventory - Neutral Market

(Based on Q4-2021 housing inventory. Seller’s Market = 0 to 3 months inventory. Neutral Market = 3 to 6 months inventory. Buyer’s Market = 6+ months inventory.)

2022

2023

2023

21,880 21,776

2022

2021

2022 7,802

2023 7,314

0

1

2021

2

2022

3

4

2023

Middle TN includes: Davidson, Cheatham, Maury, Robertson, Rutherford, Sumner, Wilson and Williamson Counties.

State of the Market 2023 QUARTERLY MARKET REPORT

Davidson County Q4 OCTOBER - DECEMBER 2023

$488K

MEDIAN SALES PRICE Single-Family Homes Q4-2023

$500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 2021

2023

2022

AVERAGE DAYS ON MARKET Q4 2021 - 2023

ACTIVE INVENTORY Q4-2023 vs Q4-2022 (+ 16.2%)

HOMES SOLD

Q4-2023 vs Q4-2022 (- 8.1%)

11

22

27

2021

2022

2023

STATE OF THE MARKET 4.29 months of inventory - Neutral Market

(Based on Q4-2021 housing inventory. Seller’s Market = 0 to 3 months inventory. Neutral Market = 3 to 6 months inventory. Buyer’s Market = 6+ months inventory.)

2022

2023

2023

8,128 6,996

2022

2021

2022 2,577

2023 2,369

0

1 2021

2

3 2022

4 2023

5

State of the Market 2023 QUARTERLY MARKET REPORT

$419K

Maury County Q4 OCTOBER - DECEMBER 2023

MEDIAN SALES PRICE Single-Family Homes Q4-2023

$500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 2021

2023

2022

AVERAGE DAYS ON MARKET Q4 2021 - 2023

ACTIVE INVENTORY Q4-2023 vs Q4-2022 (-7.8%)

HOMES SOLD

Q4-2023 vs Q4-2022 (- 4%)

10

23

33

2021

2022

2023

STATE OF THE MARKET 3.18 months of inventory - Neutral Market

(Based on Q4-2021 housing inventory. Seller’s Market = 0 to 3 months inventory. Neutral Market = 3 to 6 months inventory. Buyer’s Market = 6+ months inventory.)

2022

2023

2023

1,403 1,523

2022

2021

2022 571

2023 548

0

1 2021

2 2022

3

4 2023

State of the Market 2023 QUARTERLY MARKET REPORT

Rutherford County Q4 OCTOBER - DECEMBER 2023

$433K

MEDIAN SALES PRICE Single-Family Homes Q4-2023

$500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 2021

2023

2022

AVERAGE DAYS ON MARKET Q4 2021 - 2023

ACTIVE INVENTORY Q4-2023 vs Q4-2022 (-12.4%)

HOMES SOLD

Q4-2023 vs Q4-2022 (-2.7%)

08

24

22

2021

2022

2023

STATE OF THE MARKET 2.81 months of inventory - Seller’s Market

(Based on Q4-2021 housing inventory. Seller’s Market = 0 to 3 months inventory. Neutral Market = 3 to 6 months inventory. Buyer’s Market = 6+ months inventory.)

2022

2023

2023

3,061 3,495

2022

2021

2022 1,360

2023 1,324

0

0.5

1 2021

1.5

2 2022

2.5

3 2023

3.5

State of the Market 2023 QUARTERLY MARKET REPORT

$303K

Southern Middle Q4 OCTOBER - DECEMBER 2023

MEDIAN SALES PRICE Single-Family Homes Q4-2023

$500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 2021

2023

2022

AVERAGE DAYS ON MARKET Q4 2021 - 2023

ACTIVE INVENTORY Q4-2023 vs Q4-2022 (+3.5%)

HOMES SOLD

Q4-2023 vs Q4-2022 (+4.7%)

19

32

36

2021

2022

2023

STATE OF THE MARKET 4.89 months of inventory - Neutral Market

(Based on Q4-2021 housing inventory. Seller’s Market = 0 to 3 months inventory. Neutral Market = 3 to 6 months inventory. Buyer’s Market = 6+ months inventory.)

2022

2023

2023

2,034 1,967

2022

2021

2022 485

2023 508

0

1

2 2021

3 2022

4

5

6

2023

Southern Middle includes: Franklin, Bedford, Moore and Coffee Counties.

State of the Market 2023 QUARTERLY MARKET REPORT

Williamson County Q4 OCTOBER - DECEMBER 2023

$844K

MEDIAN SALES PRICE Single-Family Homes Q4-2023

$950,000 $900,000 $850,000 $800,000 $750,000 $700,000 $650,000 $600,000 $550,000 2021

2023

2022

AVERAGE DAYS ON MARKET Q4 2021 - 2023

ACTIVE INVENTORY Q4-2023 vs Q4-2022 (-0.12%)

HOMES SOLD

Q4-2023 vs Q4-2022 (- 2%)

09

23

30

2021

2022

2023

STATE OF THE MARKET 3.89 months of inventory - Neutral Market

(Based on Q4-2021 housing inventory. Seller’s Market = 0 to 3 months inventory. Neutral Market = 3 to 6 months inventory. Buyer’s Market = 6+ months inventory.)

2022

2023

2023

3,290 3,294

2022

2021

2022 1,034

2023 1,013

0

1 2021

2

3 2022

4 2023

5

State of the Market 2023 QUARTERLY MARKET REPORT

$485K

Wilson County Q4 OCTOBER - DECEMBER 2023

MEDIAN SALES PRICE Single-Family Homes Q4-2023

$500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 2021

2023

2022

AVERAGE DAYS ON MARKET Q4 2021 - 2023

ACTIVE INVENTORY Q4-2023 vs Q4-2022 (-10.5%)

HOMES SOLD

Q4-2023 vs Q4-2022 (- 13.8%)

10

19

23

2021

2022

2023

STATE OF THE MARKET 3.29 months of inventory - Neutral Market

(Based on Q4-2021 housing inventory. Seller’s Market = 0 to 3 months inventory. Neutral Market = 3 to 6 months inventory. Buyer’s Market = 6+ months inventory.)

2022

2023

2023

1,760 1,966

2022

2021

2022 759

2023 654

0

1 2021

2 2022

3

4 2023

Other Stats State of the Luxury Market Keller William Realty Highlights

State of the Luxury Market 2023 QUARTERLY MARKET REPORT ($1M + HOMES)

Middle Tennessee Q4 OCTOBER - DECEMBER 2023

$1.3M

MEDIAN SALES PRICE Single-Family Homes Q4-2023

$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 2021

2023

2022

AVERAGE DAYS ON MARKET Q4 2021 - 2023

ACTIVE INVENTORY Q4-2023 vs Q4-2022 (+28.9%)

HOMES SOLD

Q4-2023 vs Q4-2022 (+2.3%)

20

19

35

2021

2022

2023

STATE OF THE MARKET 5.71 months of inventory - Neutral Market

(Based on Q4-2021 housing inventory. Seller’s Market = 0 to 3 months inventory. Neutral Market = 3 to 6 months inventory. Buyer’s Market = 6+ months inventory.)

2022

2023

2023

4,019 3,168

2022

2021

2022 258

2023 264

0

2

2021

4

2022

6

8

2023

Middle TN includes: Davidson, Cheatham, Maury, Robertson, Rutherford, Sumner, Wilson and Williamson Counties.

Keller Williams Realty HIGHLIGHTS FROM 2023

All Middle TN KWs JANUARY 2023 - DECEMBER 2023 Keller Williams Realty maintains its stronghold as the leading real estate powerhouse, clinching the top spot in transactions in 2023. In Middle Tennessee, KW stands tall, not only leading in listings but also in closing more home sales than any other brokerage in the region. Our continued success reflects our unwavering dedication, expertise, and the profound trust our clients invest in Keller Williams.

#1 TRANSACTIONS Buy and Sell Side 2023

3.9 B

TOTAL SALES VOLUME

Keller Williams

Parks

8,677

Benchmark

TOTAL TRANSACTIONS Re/Max

16.3% MARKET SHARE

Compass 1K. 2K.

3K. 4K. 5K. 3,000

6K.

7K. 8K.

9K

REAL INSIGHTS Q4-2023 MIDDLE TENNESSEE MARKET REPORT

Franklin Murfreesboro Music City