Nashville-area home prices are continuing their modest decline, although it's still more expensive to buy now than it was a year ago, according to new data from Redfin/MLS.
Why it matters: Any relief from sky-high home prices is welcome, especially as mortgage rates creep up.
By the numbers: Nashville's median home sales price was $420,990 in January, down 6.5% from December but up 5% from last year.
- Inventory was up a whopping 133% from last year.
- Homes sat on the market for a median of 71 days in January, up 38 days from last year.
Zoom out: Nationally, median home sales prices have crept up 1.3% from one year ago.
- The national median home sales price in January was $383,000.
- Sales fell for the 12th month in a row, according to the latest from the National Association of Realtors.
- As demand falls, homes sit on the market a little longer, which gives buyers more room to negotiate.
What's next: Spring — which is typically marked by high demand, more competition and higher home prices — is right around the corner.
- If spring 2023 follows typical trends, we should expect home prices to rise again in the near future.
Yes, but: Experts predict 2023 will see a far less frantic housing market than in 2022.
The bottom line: We're starting to see a moderate market correction, but home values aren't in freefall.
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