Are you considering buying or selling a home in the Mount Juliet area? If so, you may have heard that the real estate market is currently experiencing a shortage of inventory. In this blog post, we'll take a closer look at the numbers to understand what's happening in the local market and how it could affect you.
Everyone knows we are low on inventory, especially in Middle TN. According to recent data, the Mount Juliet area has around 2.5 months of inventory. However, this number doesn't tell the whole story. When you look at homes under $500,000, where most of the buyers are, that months of inventory number drops to 1.4 months of inventory. This means that if no new homes were listed on the market, it would take only 1.4 months for all the current homes under $500k to be sold. This shortage of inventory can make it more challenging for buyers to find the home they want, and it can also lead to more competition and higher prices for available properties. However, even though we are extremely low on inventory and currently in a "sellers market" according to the numbers, there is a real opportunity for buyers to find a deal. Homes are starting to sit on the market longer than usual, which means that if you are looking to have the seller pay some or all of your closing costs, now might be a great time to jump in the real estate market.
A balanced market is around 5-6 months of inventory. This means that for the under $500k market in Mount Juliet, we would need to 4x the amount of current inventory we have just to create a more balanced market. It's important to note that this shortage of inventory could work to a seller's advantage, with fewer homes on the market, their property may stand out more and receive more attention from potential buyers. If you're a buyer in this market, it's important to be patient and work closely with your real estate agent to stay up to date on new listings as they become available. You may also want to consider expanding your search to nearby areas or being flexible with your criteria to increase your options.
The current real estate market conditions in the Mount Juliet area are unique and present challenges for both buyers and sellers. Despite the shortage of inventory, homes are still being sold for top dollar, making it a good time for sellers to list their properties. However, with the potential for rates to drop over the summer, we could see a surge of buyers and even more competition in the market. If you're a buyer, now is a good time to start your search and take advantage of the slower market to research and negotiate. With the help of a trusted real estate agent, you can navigate the current market conditions and find the home that's right for you.
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