Nashville real estate is selling in 12 days on average, according to The RE/MAX National Housing Report for November 2021. The rate, which is the fastest of any other metro area in the county, is twice as quick as the overall average rate in November which is 29 days.
The highest days on market averages were in Des Moines, Iowa at 86; Miami, Florida at 78; and New York, New York at 69. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed, the report details.
Overall, the report notes that November generally followed seasonal trends while at the same time setting records for the month of November in almost every category, such as the fewest average number of days homes were listed before selling. While November’s average of 29 days was two more than October’s, it was only the sixth month in report history with an average below 30.
Despite declining month over month, November’s median home price was 11.9% higher than November 2020’s $295,000 and marks the 35th consecutive month that home prices have risen year over year.
However, November’s median sales price across the report’s 51 metro areas dropped $10,000 below October’s $340,000, falling 2.9%. That was the largest month-to-month drop since January 2020, when the median price declined 3.4%. Also, the number of homes for sale in November 2021 was down 17.7% from October 2021 and down 30.1% from November 2020.
“The market is roaring along, with only half the seasonal slowdown we typically see from October to November,” said Nick Bailey, president, RE/MAX, LLC. “The small drop in prices is great news for buyers, and it could be an early sign of some balance coming back into the market.
The RE/MAX National Housing Report is distributed each month beginning in 2008 and is based on MLS data in approximately 51 metropolitan areas, includes all residential property types, and is not annualized.
– – –
Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network. Email tips to [email protected]
