Recent market data is giving buyers a bit more leverage, and as someone who’s navigated the Middle Tennessee real estate landscape for over two decades, I’m seeing these trends firsthand. In late Q3, about 21% of active listings had price cuts, with inventory reaching over 1.16 million homes—just about 9% below what we’d expect before the pandemic. Buyer activity is still on the cautious side; homes under contract dipped around 4% year-over-year for the second month in a row, as higher mortgage rates continue to challenge affordability. The national median list price hovered near $419,000, down about 1% both month-over-month and year-over-year, and we’ve now seen 11 consecutive months of annual price declines. Price per square foot is also down roughly 2% from last year. Sellers are largely staying engaged, with about 6% of listings delisted (about the same as last year), but more owners are trimming prices and opening the door for negotiation. The real question going forward is whether these additional price cuts will motivate more buyers to step off the sidelines, or if increased supply and softer demand will keep us in this adjustment phase a bit longer. If you’re considering making a move in Middle Tennessee—whether it’s buying, selling, or investing—my focus is always on providing you with clear, data-driven guidance every step of the way.
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