07/27/2023
Cookeville Housing Market Analysis
Welcome to the Hyper Local Real Estate Report, where I provide you with the latest stats and data about the local housing market. Covering the Upper Cumberland area and Middle Tennessee. Whether you're a seller, a buyer, or simply curious about the real estate market, this report is tailored to you. We'll dive into the numbers, analyze trends, and keep you informed about what's happening in our local community.
Understanding the Absorption Rate:
One of the key metrics I will be discussing is the absorption rate, which measures the months of supply of inventory in the market. Currently, Cookeville stands at a 3.2-month supply of homes. This places us in a neutral market, where both buyers and sellers have a reasonable level of influence. A seller's market typically has a lower inventory (1-2 months), while a buyer's market has a higher inventory (4-6 months). Understanding the absorption rate helps you gauge the overall market condition.
Latest Market Numbers:
Let's take a closer look at some recent figures for the Cookeville housing market:
1. Median List Price: The median list price for homes in Cookeville is currently $419,000, showing a slight increase from the previous week's $413,000.
2. Median Price of New Listings: The median price of new listings is $347,000, providing insights into the current pricing trends.
3. Price per Square Foot: The price per square foot has remained consistent at $199.
4. Average Days on Market: Currently homes in Cookeville and the Upper Cumberland spend an average of 96 days on the market before getting sold. This number can vary depending on factors like pricing and demand.
5. Price Reductions: Approximately 40% of homes have experienced price reductions, indicating a willingness among sellers to adjust prices based on market conditions.
6. Homes Relisted: 19% of homes have been relisted, showing a decline in properties returning to the market after being taken off.
7. Inventory: The current housing inventory stands at 198 homes, representing the total number of properties available for sale.
Interpreting the Data:
As a seller, understanding the average days on market helps you set realistic expectations for how long your home might take to sell. Proper pricing and positioning can significantly impact your selling experience. Buyers, on the other hand, have more of a variety of homes to choose from, than in previous years, although inventory is still very low, but this is making it a more balanced market.
The Go Time Mindset:
Remember, in life, it's always "go time." This positive and motivating attitude can apply to various aspects, including the real estate journey. Whether you're buying, selling, or investing, embracing the "Its Go Time" mindset can help you seize opportunities and achieve your goals.
Conclusion:
The Cookeville real estate market continues to show stability and potential for both buyers and sellers. By staying informed about the latest trends and statistics, you can make well-informed decisions that align with your real estate objectives. As we provide regular updates in our Hyper Local Real Estate Report, we hope to keep you well-equipped and confident in navigating the Cookeville housing market.
If you have any specific areas you'd like us to focus on or questions about the market, feel free to reach out. Until then, remember....
ITS GO TIME
