We’ve all heard that the Spring and Summer months are considered the main “buying season” in the real estate industry, but if you’re like me, it’s nice to see the data that support this statement. So, I decided to take an in depth look at Nashville’s real estate market over the last five years to see if there were any trends for a particular month. The factors I considered were the number of home sales per month, the average sales price per month and average days on market. While there were no huge surprises, there was one month that could serve as a great backup if you miss the so-called “buying season.” Here’s what I found out:
After looking at the data, the months of June and July fetched the highest average sales price over the last 5 years. Conversely, February, January and March had the lowest average sales price throughout this period. Not a huge surprise here, but it’s interesting to note that December had the highest average sales price two of the five years that we looked at and it was a consistent high performer compared to the rest of the months.
Next I took a look at the number of closing per month in Davidson and Williamson Counties. Once again, we see June and July at the top of the chart, but this time August is a close third. The months with the least amount of home sales were January, December and February respectively.
The average days on market over the last 5 years is 76 days, but the current average days on market is a much lower 57 days. So it’s safe to assume that the average home closing will take about 2 months from the time it is listed. This means that you want to list your home a month or two earlier than what the charts actually show. According to the data, the most buyer activity is in the late Spring & Summer months, but November could be an excellent month to list your home if you are unable to sell your home during the main buying season. While the number of home closings is lower for the month of December, the average sales price is consistently high, which tells us that there is less inventory for the amount of demand in November.
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