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January 2023 Nashville Market Update

One stat in December tells the story. Fewer homes came on the market in Davidson County in December than in any single month over the last 15 years. The month of December typically has fewer homes listed than other months of the year, but December 2022 was beyond the seasonally expected decrease. This lack of new inventory is the basic reason prices continue to be stable and are not in free fall. More homes sold in December than came on the market, so the market did not replace the inventory that it lost in closed sales. The tight inventory and overall lack of supply is keeping prices stable, even though we are seeing some conditions that are more favorable to buyers than in the past several years. Interest rates seem to be on a general downward trajectory as the inflation reports show signs of improvement.

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