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December 2023 Market Statistics – West TN
The following overview provides a comprehensive look at real estate activity from January to December 2023. It features data comparisons between December and the previous month, as well as the last three months and December 2022.
Average & Median Sales Price
The median sales price in December 2023 was $210,000, equal to the previous month and 10.53% higher than $190,000 from December 2022. The December 2023median sales price was at its highest level compared to December 2022 and 2021. The average sales price in December 2023 was $227,213, down -6.60% from $243,279 from the previous month and 9.11% higher than $208,243 from December 2022. The December 2023 average sale price was at its highest level compared to December2022 and 2021.
Sales Price / List Price Ratio
The sales price/list price ratio is a metric used to determine the average sale price divided by the average list price for sold properties, measured as a percentage. If the ratio is greater than 100%, it implies that the homes are selling for more than the list price. If it is below 100%, it indicates that homes are selling for less than the list price. As of December 2023, the sales price/list price ratio was 96.57%, the same as the previous month, and up from 95.51% in December 2022.
Number of Properties Sold & Absorption Rate
In December 2023, 172 properties were sold – a decrease of 22.17% from the previous month’s figure of 221, and 13.13% lower than December 2022’s 198. The sales of December 2023 were notably the lowest compared to those of December 2022 and 2021. The absorption rate is calculated by dividing the average number of sales per month by the total number of available properties.
Average Days on Market
The DOM represents the length of time a property remains on the market before it is sold. A rising trend in DOM often signals a shift toward a buyer’s market, whereas a decreasing trend indicates a shift toward a seller’s market. In December 2023, the DOM was 40 days, an increase of 2.56% from the previous month’s 39 days. However, it was 13.04% lower compared to December 2022’s 46 days. When compared to the previous years, December 2023’s DOM level was average.
Average Sales Price per Square Foot
One way to assess the direction of property value is by examining the average sales price per square foot. In December 2023, the sales price per square foot dropped by 3.91% from $128 the previous month, but was still up by 11.82% from $110 in December 2022.
Inventory & MSI
MSI, or months of supply inventory, is a crucial factor to consider when it comes to the real estate market. A lower MSI is advantageous for sellers while a higher MSI is more beneficial for buyers. In December 2023, the MSI reached its highest level compared to the previous two years, standing at 4.45 months.
New Listings
In December 2023, there were only 221 new listings. This indicates a decrease of 18.15% from the previous month’s 270 and an increase of 32.34% compared to December 2022’s 167. The number of listings in December 2023 was moderate compared to those of December 2022 and 2021.
The statistics mentioned are spread across various communities in West Tennessee. If you require more information about a particular area or even a specific home, please don’t hesitate to contact me, and I will gladly provide you with a statistical breakdown.
Based on information from Central West Tennessee Association of REALTORS for the period 01/01/2021 through 12/31/2023. Source data is deemed reliable but not guaranteed. Real estate agents affiliated with Coldwell Banker Realty are independent contractor sales associates, not employees. ©2024 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.
