While March isn't entirely completed yet we are very close to the end of another month. It's always a good idea to track year to year and see how things are changing over time. Keeping aware of the market helps us to predict trends and home values. Let's compare this month so far for the same period of time in 2017 and see how home prices are changing in Spring Hill, TN. Let's do a market comparison between March 2017 and March 2018 and see how Spring Hill's real estate market is doing!
Market Comparison March 2017 and March 2018 for Spring Hill, TN Homes
First let's take a look at March of 2018 to this point. There were 76 properties sold from March 1st to 28th of 2018.
- Lowest Price Home Sold: $160,000
- Highest Price Home Sold: $589,900
- The median home price sold was $305,000
- The average home sale price was $325,216
- The average days on the market was 33 with a low of 0 and a high of 271.
Now let's look back at March of 2017 for the same period. There were 91 properties sold from March 1st to 28th of 2017.
- Lowest Price Home Sold: $190,000
- Highest Price Home Sold: $707,500
- The median home price sold was $297,000
- The average home sale price was $315,529
- The average days on the market was 25 with a low of 0 and a high of 232.
What does this indicate for Spring Hill Home Sales?
The amount of closed properties in 2017 is higher by 15 homes. The lowest and highest home sale prices were both higher in 2017. The average days on the market was also less in 2017. The average home price has gone up in 2018 by $10,000.
The numbers are not far off from each other and based on the decreased number of homes closed in March 2018 as well as the average home price going up I believe it is a home availability issue. There are not enough homes currently on the market to meet demand and we are continuing to be in a sellers market in certain price ranges.