Smyrna, TN Real Estate Market Update: November 2024
Last Updated on December 22, 2024 by Patricia Omishakin
If you’re thinking about buying or selling a home in Smyrna, TN, this November, you’re in the right place! The Smyrna, TN Real Estate Market Update: November 2024 reveals some interesting trends that could impact your next move. Let’s break it all down so you can make the best decision for your real estate goals.
Watch the full video here.
What’s Happening in the Smyrna Market?
The latest numbers are in, and here’s a quick overview of how the market is performing:
- Inventory is up: There’s a 54% increase in active listings compared to last year, with an average of 209 homes available.
- Homes are going under contract faster: The average list-to-contract time is now 38 days, down 5% from last year.
- List prices remain strong: The average list price for active homes is $531,959, up 1%, and the median list price sits at $459,395.
These shifts are creating opportunities for both buyers and sellers, but strategy is key.
November 2024 saw a 2% increase in new listings compared to last year, giving buyers more options to choose from in the market.
What Buyers Need to Know
If you’re looking to buy a home, here’s why this market is great news for you:
- More options than ever: With inventory up 54%, you have more homes to choose from than last year.
- A little more breathing room: Homes are staying on the market longer, with an average list-to-contract time of 38 days, giving you more time to make decisions.
- Act smart, not slow: While you have more choices, serious buyers are still moving quickly on well-priced homes.
- Prepare financially: Interest rates may still impact affordability, so getting pre-approved is critical to making a strong offer.
If you’ve been waiting for the right time to buy, now’s your chance. Use this opportunity to find the home that’s perfect for you!
What Sellers Need to Know
Selling in this market? There’s still plenty of opportunity, but having a strategy is crucial. Here’s what you should focus on:
- Price your home competitively: With more inventory, pricing your home right is essential to attract serious buyers.
- Homes are going under contract quickly: The average list-to-contract time is now just 38 days, down 5% from last year, showing that buyer demand is still strong.
- List prices remain strong: With an average list price of $531,959 and a median list price of $459,395, there’s still room for sellers to achieve solid returns.
- Make your home shine: Great photos, professional staging, and curb appeal will help your home stand out in a competitive market.
By following these tips, you can still sell your home quickly and for a great price in today’s market.
What’s Driving These Trends?
Several factors are influencing the market this November:
- Increased inventory: With more homes available, buyers have more choices, but they’re still acting quickly on desirable properties.
- Buyer activity remains steady: Even with rising inventory, the shorter list-to-contract time shows buyers are motivated to act.
- Interest rates: While higher rates have tempered some demand, serious buyers are still actively pursuing their dream homes.
These trends show a balanced market that’s creating opportunities for both sides of the transaction.
Advice for Buyers and Sellers
For Buyers
- Take advantage of the increased inventory to find your perfect home.
- Be prepared to act quickly by getting pre-approved and working closely with your agent.
- Don’t hesitate if you find a home you love – homes are still going under contract in 38 days on average.
For Sellers
- Be strategic with pricing to compete effectively.
- Focus on presentation to attract offers quickly.
- With strong list prices and motivated buyers, there’s still plenty of opportunity to sell for a great price.
Final Thoughts
The Smyrna housing market in November 2024 is active and balanced, offering opportunities for both buyers and sellers. Whether you’re looking to make your move or simply staying informed, knowing the latest market trends is the key to success.
If you have any questions or need help buying or selling in Smyrna, TN, I’m here to help! Contact me anytime – I’d love to guide you through the process with confidence.
Happy house hunting or selling!
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