Throughout 2017, real estate prices in Smyrna have been on an upward trend. That’s great news for sellers and homeowners in Smyrna, of course, but it shouldn’t be discouraging to buyers. The increase in prices reflect a healthy, not over-priced, market and, overall, prices have been stable.
Smyrna by the Numbers
Right now, the median listing price for real estate in Smyrna is approximately $350,000, which works out to $139 per square foot. That’s a modest increase from the $340,000 median listing price in January of 2017. In fact, that’s a nice, steady growth in prices that shows that the market’s a good investment for buyers. It’s not a bubble, nor is it a bust; it’s sustainable.
What did move significantly over the first quarter of the year was the median days on market. In December of 2016, houses were on the market for a median figure of 56 days. By March, that had fallen off to 27 days. Demand, like prices, seems to be increasing.
Over the long term, Smyrna real estate has performed very well. At the beginning of 2014, the median listing price was below $250,000. If you’d bought back then, you might be seeing a nice return on your investment already.
What to Expect for June
June, July and August are all very busy months for the Smyrna real estate market and that means, in all likelihood, that demand for properties is going to go up. There’s a good chance that the median days on market will fall a bit more over the summer, though they’re quite low at the moment.
The Fed is likely to raise interest rates in June, but that shouldn’t have too much of an effect on people’s ability to get lending, even first-time buyers. Lenders already know that the hike is coming, yet mortgage rates remain lower than they were at the beginning of the month and some experts don’t predict that there will be much of a change at all.
For people shopping for Smyrna real estate, all this means that summer is likely to be busy. If you’re selling, be sure you work with us to ensure that you’re asking a fair amount for your property. If you’re buying, don’t let the rise in prices put you off. They’re modest and, because real estate has performed well in Smyrna over the past few years, there’s every reason to expect that performance to continue.