RE: Here is your Middle TN Housing Market Update!

Monday, February 19th, 2024

In this newsletter, you’ll find:

• Market Updates across The Upper Cumberland

• 📈 Are headlines misleading about home prices? Long story short, YES! We dive into the data.

• 💐 Cookeville’s newest flower shop

• 🔥 HOT listings, all with over 5 acres of land in Middle TN

• 💸 Listings that have recently dropped in price

Let’s dive in! 👇

THE UPPER CUMBERLAND MARKET UPDATE

We compare the number of New Listings and properties Under Contract in 2022 to 2023.

What do these numbers mean?
It appears that the current housing market has seen a decline in new listings and properties under contract compared to the same period last year. The number of new listings has decreased by 7.7%, suggesting a potential decrease in the supply of available properties. Additionally, there has been a 20.6% decrease in properties under contract, indicating a decline in buyer activity. These changes in the market may indicate a trend towards reduced inventory and potentially slower market activity.

Meet Corey, our passionate and knowledgable in-house mortgage officer. Here’s here for all of your mortgage questions!

MEDIAN HOME PRICES IN PUTNAM COUNTY

Here is a look at the trends in Median Listing Price in Putnam County over the past year. The housing market appears to be balancing out, with the median price being $386,944 in January of 2024. There was a peak in August 2023, reaching $420,588. As we approach the busy season in real estate, which is spring, rates are gradually decreasing. This suggests that this season could be a busy one, potentially leading to an increase in home prices.

We saw a news headline that said home prices decreased in 2023….. Don’t let headlines mislead you.

Those headlines are only giving you a small part of the story. In reality, home prices actually showed positive growth in 2023.

Sure, there were some months with slight declines nationally, but those were the exception, not the rule. The truth is, overall, prices went up last year, not down.

We explain the current housing market based on ALL the information. Read it below.

Are you in search of a property in Middle Tennessee with over 5 acres of land or a budget of under $400k? Look no further! We have meticulously curated lists that are updated daily, making the process of finding your dream home even easier.

Our nonprofit SNR Cares is raising funds for the Cookeville High School choir this quarter!

Operating the CHS choir comes with a hefty price tag, amounting to thousands of dollars. From purchasing uniforms and props to numerous other expenses, the costs add up. As ardent supporters of our schools, we understand the significance of programs like the choir in shaping the future generations.

Join us in our efforts to raise funds for the choir today! We will stop taking donations March 31st, 2024. 100% of funds will be forwarded to the CHS Choir.

For more information on our nonprofit, visit our website: SNRCares.org

Here are properties that have recently dropped in price in Middle TN. We update this list DAILY to keep you informed.