Kingston Springs Housing Market Update: June Recap

Hi neighbors and friends, thank you for tuning back in for the monthly Kingston Springs housing market update. The purpose of this article is to keep you informed on how our market is evolving throughout the year whether you're buying, selling or just curious.

As I mentioned in last month's recap, the number of homes available on the market has been steadily increasing in the Greater Nashville Area throughout the year. Because of this, we are finding ourselves in a more balanced market, and one that is seeming to present more opportunities for buyers.

Lately, one of the most frequently asked questions I get is surrounding pricing and whether home prices are softening. My response? Real estate is very subjective, and it’s difficult to put a label across the broad market at this juncture. However, I would like to point out that it is very common for homes to experience a reduction in price before receiving a contract and the “days on market” metric has steadily been creeping up throughout the year. 

According to Redfin, currently, 30% of homes experience a price reduction before selling. Interestingly, this doesn’t include homes that have been strategically relisted to reset their “days on market”, a tactic some sellers use to make listings look fresher than they are. Sneaky, sneaky…The month of June was nothing to write home about, as it was a historically average month as far as closings are concerned. Why was that the case? Some may attribute this to overall market conditions, lack of inventory that matches the demand, or it could be the season. Let’s take a look at some key metrics from June: $503,357 Avg Sales Price7 Closings61 days (avg) Listing to Contract4.62 Months of Supply 

In 2024, the month of July produced the highest number of closings and highest number of new listings in Kingston Springs. Demand has been strong in Kingston Springs across all price ranges, especially when they’re competitively priced and feature modern finishes. Homes with those updates are seeing fewer days on market. If you’re a buyer, you may consider acting quickly in these scenarios as homes with acreage and updates are highly sought after in our area. 

So what does all of this mean for the next few weeks? Typically during the summer months, folks who are considering moving may put off their home goals until after their planned vacations and before school begins again. In the last three years, July has consistently been the top-performing month in Kingston Springs for both new inventory and closings. In just a few weeks, we will know whether our market is following the typical trend, or if other changes to the overall market are on the horizon. 

Will July come through again as our market's MVP month? Only time, and a few more closings, will tell.

If you're curious about what this means for your property – or just want to chat about market trends – I'm always happy to talk. You can reach me directly at jmahoney.realestate@gmail.com.