Murfreesboro TN Homes: Murfreesboro TN Real Estate Market Home Sales Activity - Area 21

Murfreesboro TN Real Estate Market Home Sales Activity - Area 21

If you are considering selling your Murfreesboro TN home, or real estate in the surrounding area, you need to know the value of your home.   There are many factors that should go into completing an accurate market analysis for your specific home.  Before you can determine your home’s value, a detailed analysis of the following items must be considered: 

  • Size/Square Footage
  • Location
  • Amenities
  • Lot/Acreage
  • Curb Appeal
  • Layout/Floor Plan
  • Condition
  • Age
  • Competition (Absorption Rate)

Once these items are factored in, you can determine where to price your home in the current market so that you are in the best position for a fast sell at maximum value.  

No matter how hot or cold the real estate market is, there will always be a specific number of homes that will sell in ANY market over a stated period of time.  This number of homes is called the absorption rate.  For simple math, let’s say that the number of homes sold in your neighborhood for the past 12 months was 24, the absorption rate is 2 homes per month.  24 homes sold divided by 12 months = 2 per month.  If there are currently 6 homes active, then you have a 3 month supply of homes for your neighborhood and should expect your home to sell within 3 months of less.  

The general guideline used for Absorption Rate is: 

Neutral Market - 6 month supply of active homes

Buyer’s Market - 7 months supply of active homes

Seller’s Market - Less than 6 months supply of active homes

When determining a value, or list price, for your Murfreesboro TN home you need to take the absorption rate and the average sales price into consideration.  These two figures will help you determine the demand for your home in the current market so that you can price your home ahead of the market. 

An accurate market analysis will compare your home to other comparable homes on the market.  However, it also helps to look at the broader real estate market so that you will know the overall tone of the housing market and see what type of housing market surrounds your niche community.  The market for the overall area could be in a buyer’s market, but your particular home may be in a seller’s market.  When determining a value for your home, it is critical that all of these factors be taken into consideration. 

The chart below is a detailed look at the absorption rate for the real estate housing market in area 21 of Murfreesboro TN for site built homes.  Area 21 generally has a higher value home than other portions of the city.  Currently, the higher priced homes in Area 21 are requiring more average days on the market to close, while lower priced homes in this same area are closing quickly.  Some parts of area 21, such as Regency Park, are experiencing a current seller’s market due to low market volume.  

 Murfreesboro TN Market Report

Area 21 Homes

9/1/10 through 8/31/11

 

MARKET ACTIVITY FOR PAST:

12  MONTHS

6 MONTHS

3 MONTHS

CLOSED HOMES

346

217

112

AVERAGE HOMES SOLD PER MONTH

28.83

36.16

37.33

ACTIVE Listings on MLS

289

289

289

Months Supply of Homes Active

10 Months

8 Months

7.75 Months

Average List Price SOLD Homes

220,643

217,147

228,728

Average SOLD Sales Price

212,255

208,396

219,049

Average Days on Market SOLD

95

90

88

Average List to Sale Price 

96.2%

96%

95.7%

Average Square Footage SOLD

2469

2440

2511

Average Price Per Sq Ft SOLD

85.96

85.40

87.24

Market Absorption Stats:

6 Months Supply of Home = Neutral Market

Less than 6 Months Supply of Homes = Seller’s Market

More than 6 Months Supply of Homes = Buyer’s Market

ACTIVE LISTINGS STATS:

Active Average List Price

$295,110

Avg Price Per Foot

$101.86

Active Average Square Footage

2897

Average DOM

94

PENDING LISTINGS STATS:

Pending Average List Price

$184,294

Avg Price Per Foot

83.05

Pending Average Square Feet

2219

Average DOM

98

 

If you would like to discuss your home’s current market value and positioning your home to sell, please contact me at 615-566-3789!  

My Homes Are:  Listed - Positioned - Staged - SOLD!

FIND ME ONLINE:

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Please visit:  SOLDONTN &  SherriWellborn.com 

Sherri Wellborn, Keller Williams Realty

Reliant Realty

640 Broadmor Blvd
Murfreesboro, TN 37129

615-566-3789 CELL

615-225-9600 Office

Comment balloon 0 commentsSherri Berry • September 13 2011 07:48AM

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