Kingston Springs Housing Market Update: August Recap
The Kingston Springs housing market showed more signs of slowing in August. Only five homes sold last month, and the average time on market has stretched to 73 days compared to just 17 days a year ago. With almost 8 months of supply, we are officially in buyer’s market territory.
Some thought the recent drop in interest rates would heat things up, but that has not been the case. Rates sliding from 7% to 6.5% is a positive step, but it has not been enough to spark a wave of new buyers. A couple of years ago, the phrase “Marry the house, date the rate” was everywhere, with the assumption that prices would climb as soon as rates came down. What we are seeing now suggests it is not that simple. Affordability, economic confidence and job security all play just as big of a role in the decision to buy.
What This Means for Buyers
This is probably the most negotiating power you have had in years. Sellers are waiting longer for offers, which means you can ask for more — whether that is a better price, help with closing costs or even some repairs thrown in.
What This Means for Sellers
This is where pricing your home right from the start matters most. If you shoot too high, buyers will simply move on to the next house. I have noticed the homes that are prepped well and priced fairly are still moving, but it takes patience.
So far, prices in Kingston Springs are holding steady. But let’s be honest — if the slowdown continues, that could shift.
Do you think 2025 will end up being remembered as the year of opportunity for buyers, or the year of patience for sellers? If you would like to talk through what that means for your own goals, I would be glad to sit down over coffee at Turnbull Provisions and discuss it with you. Please send me an email at jmahoney.realestate@gmail.com or give me a call at 615-370-8669.
— Jack
