Nationally, the latest monthly housing data shows that the median existing-home price is around $270,000, with sales of existing homes decreasing by about 2% from the previous month. Typically, this time of year sees a slowdown in sales, but the current market is still showing strong demand. In most cases, homes sell within a few weeks of being listed, with the average days on market around 30.

The national numbers are influenced by various factors, including inventory levels, interest rates, and regional market trends. Generally, the western states are seeing the largest gains in home prices, while the northeastern states are experiencing more moderate growth. The national housing market is also being driven by low unemployment rates and rising consumer confidence, which is contributing to the strong demand for housing.

When comparing the national numbers to the local Nashville market, there are some notable differences. The median home price in Nashville is around $320,000, which is higher than the national median. Sales of existing homes in Nashville have also been increasing, with growth of about 5% from the previous month. In Nashville, homes are selling quickly, with an average of around 20 days on market. The local market is driven by a strong economy, with major industries such as music and healthcare contributing to housing demand. By comparing the national and local numbers, we can see that the Nashville market is outperforming the national market in terms of home price growth and sales activity.

Source: Redfin