The summer in Middle Tennessee has kept the home sales strong, but inflation continues to rise and so do the interest rates in an attempt to reduce the inflation rise. As we mentioned previously, rising interest rates do cause some home buyers to hit the pause button. For others, it can cause a pressing of the stop button with an uncertain plan forward. On the other hand, there's another group of buyers who decide to go ahead and purchase before rates climb too high, so there are still plenty of home sales going on in the midst of a normalization of the market. Days on market numbers will creep a little higher which actually provides options to buyers. After 24 months of chasing homes, waiving inspections and appraisals, bidding well over asking price, and continuing to lose, home buyers will not have a calmer environment in which to act. Sellers, don't worry... homes are still selling and for strong prices. It's also predicted the home prices will continue to rise - just not at the crazy-fast rates we've seen over the last 24 months. All in all, this adjustment should bring a calming effect to the market. Maybe everyone can take a minute to breath again.
So, let's see what happened in some Middle Tennessee counties in June 2022. Counties include Davidson (Nashville), Williamson, Maury, Wilson, Sumner, and Rutherford.
