Here is how the real estate market is performing for La Vergne-Smyrna area ZIP codes.
Local Data , Patch Staff
LA VERGNE-SMYRNA, TN — The number of homes for sale in November fell to a new all-time low, but inventory is expected to pick up in 2022, according to real estate experts.
Seasonally adjusted home sales fell 18 percent in November 2021 compared with November 2020. Consequently, the median sale price went up 15 percent year over year due to tight inventory, according to Redfin , a national real estate brokerage. However, the housing market was less competitive in November than in prior months, as homes stayed on the market a little longer and fewer sold above list price.
“I wish I had better news for homebuyers this holiday season, but in many ways the housing market is more challenging than ever,” said Redfin Chief Economist Daryl Fairweather in a news release.
Buyers are currently benefiting from low mortgage rates, but inflation could spread to more consumer goods next year, which would put a dent in housing budgets, Fairweather said.
Redfin projects that new home listings will hit a 10-year-high in 2022, which would entice more current homeowners to move.
Mortgage rates are also expected to rise from around 3 percent to 3.6 percent by the end of 2022. That amounts to about $100 more per month in mortgage payments for median-priced homes. Higher mortgage rates will help temper home price growth.
La Vergne-Smyrna Housing Market
The median sale price for a single-family home in the 37135 ZIP code was about $679,500 from the beginning of September through the end of November, according to Redfin. That was 30 percent higher than the median price over the same period last year.
Redfin tracked 153 home sales during the same period, and 49 percent sold above list price. There were 124 new listings during this time, the firm said.
ZIP code 37086
The median sale price for single-family homes in the 37086 ZIP code was $310,000 from September through November, according to Redfin. That was 19 percent higher than the median price over the same period last year.
Redfin tracked 155 home sales during the same period, and more than half sold for above list price. There were 140 new listings during this time, the firm said.
Zip code 37167
The median sale price for single family homes in the 37167 ZIP code was $393,900 from September through November, according to Redfin; that was 27 percent higher than the median price over the same period last year.
There were 237 homes sold during the same period, and more than half sold for above list price. Comparatively, 203 homes were newly listed.
Editor’s note: This post was automatically generated using preliminary data from Redfin . Data is subject to revisions. Redfin is a Patch promotional partner. Please report any errors or other feedback to [email protected] .
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