The Nashville housing market in 2022 was an unpredictable rollercoaster that kept us on our toes! From exciting highs to challenging lows, we've certainly seen it all as the year came to a close. As experienced real estate agents in Music City, one thing we do know is that this remarkable journey will leave its mark heading into 2023!
With the housing market continually changing, it can be challenging to know when is the best time to buy a home. In 2022, many people sat on the fence waiting for home prices to come down, but this strategy may not always be the smartest move.
The 2022 Nashville housing market gives an excellent picture of why it's not always best to wait to buy a home. Let's take a look at the numbers.
It may come as a surprise to many, but despite the challenges that 2022 presented, Nashville real estate was resilient; we ended the year on a high note, with median sales prices rising 5.5% in just one year. In January 2022, the median sales price was $501,500. Even though the market had it's ups and down throughout the year, by December of last year, home values had recovered to reach their highest level yet - standing proudly at $529,900! So, as you can see, waiting is not always the best option!
Days on Market
One thing that did slow down was the DOM (days on market). In January 2022, the DOM was 15, while in December, it rose to 25. This is good news for buyers. From 2020-2021 a home would hit the market, receive multiple offers, and be gone in less than a day. Now, buyers finally have a little more time to home shop before making a decision. We also saw fewer multiple-offer situations and less competition, so a buyer is more likely to get into a home at the asking price or even slightly under the asking price.
When you are buying a home in a growing area, you may endure market shifts and corrections from time to time, but in the end, you will find that prices are almost always in an upward trend. So, I guess the moral of the story....sitting on the fence will most likely cost you more money in the long run.