Jackson 2022 Annual Report

We are proud to present you with this synopsis of the national, regional, and localized trends that matter most to you, found here in our Jackson_2022 Annual Report.

MARKET OUTLOOK – NATIONAL LEVEL

With our Nest Annual Report, we aim to provide the most useful information possible, as every homeowner needs to keep tabs on their investment, and every potential shopper needs to be informed before embarking on such a major financial decision. Locally, we study neighborhoods, builders, and development trends, but on a national level, there are three trends that year-in and year-out are a fantastic indicator of the overall health of our national economy, and by extension, the housing market: Mortgage Rates, Consumer Confidence, and Unemployment Rates. Looking at these numbers allows us to make predictions of what we should expect to see in 2023—which is a more stable real estate market. Mortgage rates have increased more quickly than economists had predicted, but they still remain in an affordable range, historically speaking. And while consumer confidence is down entering 2023, it has been trending upward since June 2022. And finally, unemployment is running extraordinarily low, which points to potential real wage gains in the coming year, benefitting average consumers.

MARKET OUTLOOK – LOCAL LEVEL

After seeing a record breaking year in home sale prices in 2021, the local market began to see a correction at the end of 2022. While homes continue to hold their value, listing prices are leveling off. Madison County, Tennessee, saw 1201 single family property sales with an average sales price of $265,140 this year. This is a 16% decrease in volume, but almost a 20% increase in average home sale prices from 2021.

Nationally, the National Association of Realtors (NAR) is predicting 4.78 million existing home sales in 2023, down 6.8% from 5.13 million in 2022; and home prices are expected to increase by just 0.3%, following a 9.6% gain in 2022. The demand for housing continues to outpace supply in most markets. The Southern U.S. continues to see an increase in home sale prices because geographically speaking these areas can often offer better affordability.

–At Nest Realty Jackson our Agents take top priority in providing exceptional service and care with every real estate transaction. We strive to make real estate transactions more transparent and less stressful, so you can focus on loving your property. At Nest, we are all about intentional and strategic growth. As of 2022, we have 451 Nest agents buying and selling throughout 23 offices in 17 locations, spanning seven states across the U.S. With each new office that opens, we are able to expand our reach, better serving you, our incredible clients.

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