September 2024 - Paris, TN Market Recap
See how the market changed in September for Paris!
Are you considering buying or selling a home in Paris, TN? Understanding the latest real estate trends is key to making informed decisions. Here's an in-depth look at the Paris, TN housing market for September 2024, and why now might be the perfect time to take action.
Market Snapshot for September 2024
As of September, the real estate market in Paris, TN is experiencing some notable trends. Currently, there is a 4.96 months supply of inventory, which signals a healthy balance between buyers and sellers. A market with a supply level below six months generally favors sellers, but with this balanced inventory, both buyers and sellers have opportunities to benefit.
Additionally, the median sold price for homes in the area stands at $221,000. This price point reflects a steady market where homes remain affordable while offering potential for appreciation over time. Whether you're a first-time buyer or looking to upgrade, Paris, TN presents an attractive market.
A Closer Look at Inventory Trends
One of the most significant shifts in the Paris, TN real estate market over the past 12 months has been the dramatic reduction in inventory. The months supply of inventory has decreased by an astounding 76.72%. This means fewer homes are available compared to last year, making it a competitive market, especially for buyers. For sellers, this reduction in supply could lead to quicker sales and potentially better offers, as buyers have fewer options to choose from.
Key Market Metrics to Know
- List-to-Sold Price Percentage: Homes in Paris, TN are selling for an average of 94.2% of their listing price. This statistic indicates that while there is still some room for negotiation, sellers are receiving offers close to their asking price. For buyers, it’s important to come in with a strong offer to avoid losing out on your dream home in this competitive market.
- Median Days on Market: On average, homes in Paris, TN are staying on the market for 66 days. While this gives buyers a reasonable timeframe to explore options, it's still a relatively brisk market, especially given the limited supply of inventory. Sellers can expect a moderate pace to transactions, allowing time for thoughtful decisions while capitalizing on current demand.
Is It a Good Time to Buy in Paris, TN?
If you’re considering purchasing a home, now is a great time to explore the Paris, TN market. The median sold price of $221,000 offers affordability compared to other markets, and the nearly five months of inventory means there are still options available. Whether you're looking for a starter home, a place to raise a family, or an investment property, Paris has opportunities that fit a variety of needs and budgets.
Why Sellers Should Act Now
For those thinking about selling, the current trends are working in your favor. The low inventory level and strong list-to-sold price percentage mean that demand is high. With homes spending an average of just over two months on the market, sellers can expect a reasonably quick transaction, and with the right pricing strategy, a sale near their asking price.
Now is an opportune time to capitalize on these market conditions. With fewer homes available, yours can stand out, drawing interest from motivated buyers who are eager to find a property before the inventory tightens further.
Let's Achieve Your Real Estate Goals
Whether you're looking to buy or sell in Paris, TN, now is the time to act. With balanced inventory levels, a competitive market, and strong pricing trends, both buyers and sellers can benefit from these conditions. If you're ready to take the next step, reach out to me today to discuss your real estate goals. I'll help you navigate the market with ease and ensure you make the most informed decisions possible.
Contact me today, and let's get started on your real estate journey!
