Smith County Housing Market Update August 2023
The Smith County housing market is showing signs of cooling off, with the median home price decreasing slightly in August 2023 compared to the previous year. However, the market is still relatively strong, with closed sales increasing by 18.3% over the same period.
Median Home Price
The median home price in Smith County was $317,250 in August 2023, down 0.9% from the previous year. This is the first time the median home price has decreased in Smith County since August 2020.
The number of active listings in Smith County increased by 44.7% in August 2023 compared to the previous year. This increase in inventory is likely a factor in the slight decrease in the median home price.
Days on Market
Homes in Smith County spent an average of 42 days on the market in August 2023, up 12 days from the previous year. This increase in days on market is another indication that the market is cooling off slightly.
Closed sales in Smith County increased by 18.3% in August 2023 compared to the previous year. This increase in closed sales suggests that there is still strong demand for homes in Smith County, even though the market is cooling off slightly.
Months of Inventory
Smith County had 3.9 months of inventory in August 2023, up from 2.2 months of inventory in the previous year. This increase in months of inventory indicates that there is more supply of homes on the market than there was a year ago.
Overall, the Smith County housing market is still relatively strong, but it is showing signs of cooling off. The median home price has decreased slightly, the number of active listings has increased, and homes are spending more time on the market. However, closed sales have increased, suggesting that there is still strong demand for homes in Smith County.
What does this mean for buyers and sellers?
For buyers, the cooling market may provide more opportunities to negotiate on price and terms. However, it is important to be prepared to act quickly, as homes are still selling relatively quickly in Smith County.
For sellers, it is important to price your home competitively and to make it stand out from the competition. You may also want to consider offering concessions, such as a free home warranty or closing cost assistance, to make your home more attractive to buyers.
If you are considering buying or selling a home in Smith County, it is important to work with a qualified real estate agent. The Burks Team would love to discuss what these numbers could mean for your family and home equity.