March 8, 2018. Smyrna, TN 37167.
Are you interested in buying or selling a home in Smyrna, TN? Check out this snapshot of the Smyrna residential real estate market and see below for the explanation. Visit this search to see Smyrna homes for sale.
Smyrna TN real estate
Smyrna, TN home sales
There are currently only 104 homes for sale in Smyrna, TN. That’s a very low number for a town this size and considering the ever-increasing population. The median list price of those homes is $342,490. This is approximately $120,000 more than the average price of homes that have sold in the previous 30 days. Why the almost 30% difference? Lower priced homes sell faster, and new construction (including homes that haven’t even been built yet) tend to be more expensive and stay on the market, pushing the median list price higher.
We closed 38 homes in Smyrna in the past 30 days. That’s down 28% from the same period last year, when we saw 53 homes close. The winter months tend to be the slowest for real estate, so that is no big surprise. But, because inventory has been so low for so long, there are still many buyers shopping for homes throughout the winter months. Homes that come on the market now get under contract very quickly. The median DOM (days on the market) for Smyrna was only 8 days!
One spot of good news for home buyers is that the median price of sold homes ticked down slightly to $227,000. Any savings in purchasing a home is a good thing. Does that mean we can expect home prices to drop overall? Probably not in the near future. Home prices tend to rise as even more buyers shop for homes in the spring and summer. Also, as long as the Middle TN population tends to outpace available homes for sale (or, as long as supply is less than demand), we can expect to see home prices remain on the rise.
My take
Good news for home owners and sellers, but it’s not all bad news for buyers. We are still experiencing the effects of low home inventory – there are simply more qualified buyers than there are available homes at this time. Homes are selling very quickly. In Smyrna the median days on the market (the period from listing to getting under contract) is only 8 days. These statistics all reflect the “seller’s market” that Middle Tennessee has been experiencing for the past several years. However, there is at least one positive takeaway for home buyers: The median price of sold homes dipped slightly over the same period last year.
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Aaron Lovett is a full-service Realtor in Smyrna, TN, working out of the regional office of Century 21 United Realty in Murfreesboro, TN. His service area includes Smyrna, Murfreesboro, the remainder of Rutherford county and surrounding areas, including Nashville and Davidson county. He cares for the needs of sellers, buyers, and investors. Aaron has lived in the area for over a decade. He takes pride in helping home buyers and sellers reach their real estate goals.
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