Diving into the pulse of our local real estate market, I’m focusing on Carroll County in today’s post. As part of my commitment to keep you updated on the trends and shifts that matter, we’re unpacking the key data from June 2023. In the constantly evolving landscape of Tri County real estate, understanding these insights can shape your property decisions.
Carroll County Real Estate Update: June Numbers
June’s public records indicate some noteworthy changes. The median sold price for properties increased by 11% to $100,123, yet there was a sharp decrease in the number of properties sold, falling by 54.3% to just 21. These mixed signals could hint at a potential slowdown in demand or decrease in market activity.
In terms of property size, the median living area in listed and sold properties increased by 4.6% to 1,355 sqft. Conversely, the median dollar per sqft decreased by 21.7% to $54. This is an indication that buyers may be getting more space for their money.
Examining our Carroll County TN real estate update’s crucial metrics, the month’s supply of inventory rose by 7.6% from last month, but is down 6.3% from last year, at 2.69 months. Yet, we remain in a seller’s market due to the yearly decrease. Competition among buyers may still be high.
Switching gears to MLS sold listings, the median sold price decreased by 22.7% to $116,000, with the total dollar volume dropping by 47.5% to $2,514,575.
However, the pendulum swings back in the pending listings data. The median list price saw a promising increase of 27.2% to $165,200, with total volume up by 22.3% at $3,893,200. Additionally, the median living area for these listings rose by 5.3% to 1,448 sqft. This increase might suggest future price growth, strong demand, or a shift to pricier properties.
My Thoughts
The data shows mixed signals. I predict an increase in the median sold price in July, given the pending listings. Yet, the number of properties sold and total dollar volume decreased. This might suggest fewer transactions in July.
Despite potential slowdowns, supply remains tight due to the yearly decrease in inventory. This could keep buyer competition high. Prices might even increase, despite fewer transactions.
The average national mortgage rate has jumped from 5.7% to 7.21% in a year. This rise in borrowing costs may deter some buyers. This could reduce demand, leading to fewer transactions. Sellers should expect their homes to linger on the market a bit longer than expected.
Still, the high median list price in pending listings suggests strong demand. Some market segments might absorb these higher costs. If sellers think mortgage rates will rise further, they might list their properties sooner. This could ease the tight supply situation.
For buyers, getting pre-approved before house hunting, let alone making an offer, is critical. With the future of interest rates uncertain, it may be wise to lock in a rate before they rise again – consulting with a financial professional is highly recommended.
On the foreclosure front, we’re seeing an uptick in the area. Frugal buyers should keep an eye out for these opportunities. Resourceful Real Estate agents have the means to discover properties at risk of being foreclosed before foreclosure actually happens. Any buyer looking to buy distressed properties should team up with one of these agents – reach out to me at (731)535-1634.
From my experience, Properties that stand out sell the fastest. Proper staging, high-quality photos, and effective marketing help. Here are some tips for homeowners:
- Home Inspection: Get one before listing. It can help identify potential issues that may put off buyers. You can address these problems or adjust your listing price.
- Enhance Curb Appeal: First impressions count. Mow the lawn, repaint the front door, or plant some flowers.
- Declutter and Clean: A tidy home appears larger and more inviting. Consider renting a storage unit for non-essential items.
- Price Appropriately: Homes priced appropriately sell faster than overpriced ones.
FAQ
Q: Is it a good time to sell my house in Carroll County?
A: Yes, despite homes staying on the market slightly longer, we’re still in a seller’s market. Prices are elevated, and inventory remains low, which works in favor of sellers.
Q: As a buyer, what should I do before starting the house hunting process?
A: Getting pre-approved before starting the house hunting process is critical. In the current market conditions, having a mortgage rate locked in before it potentially rises can be beneficial.
Q: How can I make my listing stand out?
A: Enhance curb appeal, declutter, clean, and price appropriately.
Remember, these are broad trends and each situation is unique. If you need guidance on navigating these changes or have any questions about this Carroll County TN real estate update, reach out to me, Jesse Joseph at (731)535-1634. I’m here to help make sense of these numbers and assist you in making informed real estate decisions.
Be on the lookout for next month’s Carroll County real estate market update as we continue to watch the evolving real estate landscape.
About The Author
Jesse Joseph is a dedicated and experienced Realtor, specializing in guiding clients through the complex world of real estate in Benton, Carroll, and Henry Counties of Tennessee, with a focus on towns such as Huntingdon, Bruceton, Camden, and Paris. Passionate about sharing his knowledge of the local communities and lifestyle, Jesse’s expertise extends beyond real estate to encompass the many attractions, businesses, and activities that the Tri County area has to offer.
As the driving force behind Tri County Living, Jesse provides valuable insights on various topics related to real estate, as well as the vibrant culture, events, and amenities that make the region, and the towns within it, a wonderful place to live, work, and play.
In this article, Jesse dives into Carroll County’s Real Estate Market. He gives an overview of recent trends, his thoughts on the future of the market, and gives a few tips to buyers and sellers based on the information.
When he’s not assisting clients in achieving their real estate goals or exploring the unique offerings of Benton, Carroll, and Henry Counties, Jesse loves to spend quality time with his family and friends. As a proud Tennessee resident and an advocate for property owners and buyers across the Tri County area, Jesse is excited to share his expertise and passion for real estate and local living through Tri County Living.
Read more of Jesse’s Real Estate Articles for Tri County Living here.
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