Weekly Real Estate Update from Clarksville

Arina P. Habich // Shutterstock

Weekly Real Estate Update from Clarksville

If anything can be said about the current state of the real estate market, it is that change is imminent. For the past two years, the pandemic has kept US mortgage rates extremely low — with interest rates falling under 3% in certain places. These record low mortgage rates made it much cheaper for buyers to borrow money to buy a home even as home purchase prices have skyrocketed in markets across the country.

This trend has now changed. In the week of February 11, interest rates on 30-year fixed rate mortgage loans had increased over 4% for the first time since 2019. That’s not only a jump from the previous week, when rates were up 3.83%, but also an unwelcome milestone for borrowers looking to buy homes at record-low interest rates. This shift in interest rates could also have a significant impact on other areas of the market over time — from loan refinancing to mortgage application levels.

That’s not the only significant shift in the housing market this week, either. Not only are buyers confronted with rising interest rates, house prices are also continuing to rise. Right now, homebuyers are facing one of the most expensive real estate markets in history – and in return, the average purchase loan size has increased. The average purchase loan size for conventional loans is set a new record of $453,000. The higher average mortgage loan is a clear sign that homebuyers are borrowing larger sums of money to buy homes in this expensive market.

To help you keep up to date with what’s happening in the housing market, real estate platform ZeroDown prepared a weekly real estate market report for Clarksville using data from redfin. The housing market statistics include data for the four weeks ended January 30, 2022. Major cities with more than 50 homes sold during the period were included for the metro-level ranking for each statistic.

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Medium selling price

Greater Clarksville, Tennessee area:
– Median retail price: $284,612
– One-year change: +21.5%

Metropolises with the highest median selling price
#1. San Francisco, California metropolitan area: $1.4 million
#2. San Jose, California metropolitan area: $1.4 million
#3. Santa Cruz, California metropolitan area: $1.1 million

Metropolises with the lowest median selling price
#1. Cumberland, MD metropolitan area: $119,208
#2. Bay City metropolitan area, MI: $119,612
#3. Greater Saginaw, MI: $132,788

Volodymyr Kyrylyuk // Shutterstock

Average selling price per square meter

Greater Clarksville, Tennessee area:
– Median retail price per square foot: $159
– One-year change: +24.0%

Metropolises with the highest median selling price per square foot
#1. San Francisco, California metropolitan area: $989
#2. Greater San Jose, California: $823
#3. Kahului, HI metropolitan area: $821

Metropolitan areas with the lowest median selling price per square foot
#1. Cumberland, MD metropolitan area: $80
#2. Bay City metropolitan area, MI: $87
#3. Youngstown, OH metro area: $88

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Relationship between sale and list price

Greater Clarksville, Tennessee area:
– Average sale to list price ratio: 1.01
– Annual change: +0.01

Metropolitan areas with the highest ratio of sales to list price
#1. Metropolitan area of ​​San Jose, CA: 10/1
#2. Oakland, CA metropolitan area: 1.07
#3. San Francisco metropolitan area, CA: 01.07

Metros with the lowest ratio of sales to list price
#1. Rome Metropolitan Area, GA: 0.96
#2. Cumberland, MD metropolitan area: 0.96
#3. St. Joseph Metropolitan Area, MO: 0.96

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Homes sold with price drops

Greater Clarksville, Tennessee area:
– Houses sold with price drops: 8.2%
– One-year change: -2.1%

Metros with the most houses are sold with price cuts
#1. Grants Pass, OR metropolitan area: 39.3%
#2. Greater Morristown, Tennessee: 37.2%
#3. Eau Claire, Wisconsin metropolitan area: 36.3%

Metros with the fewest houses are sold with a drop in price
#1. Hinesville metropolitan area, GA: 7.6%
#2. Greater Clarksville, Tennessee: 8.2%
#3. San Jose, California metropolitan area: 8.4%

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Off market in two weeks

Greater Clarksville, Tennessee area:
– OTC in two weeks: 48.6%
– One-year change: +2.0%

Metros with the most homes not on the market in two weeks
#1. Seattle, Washington metro area: 80.9%
#2. Denver metro area, CO: 79.7%
#3. Coeur d’Alene, ID metropolitan area: 75.9%

Metros with the fewest houses not on the market in two weeks
#1. Myrtle Beach, South Carolina metropolitan area: 0.8%
#2. Oshkosh, Wisconsin metropolitan area: 3.8%
#3. Green Bay metropolitan area, WI: 4.4%

PHOTOGRIN // Shutterstock

months supply

Greater Clarksville, Tennessee area:
– Delivery months: 10.2 months
– One-year change: -0.2 months

Metros with the most delivery months
#1. Atlantic City, NJ metropolitan area: 23.9 months
#2. Greater Beaumont, TX: 23.2 months
#3. Cumberland, MD metropolitan area: 20.9 months

Metros with at least months supply
#1. Greater Lewiston, ME: 1.6 months
#2. Portland, ME metropolitan area: 2.8 months
#3. Olympia metropolitan area, WA: 3.0 months

This story originally appeared on ZeroDown
and was produced and distributed in association with Stacker Studio.

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