This is a snapshot of the housing activity in the 37932 zip code, inclusive of all the homes (regardless of price). The upper left box indicates the number of Hardin Valley homes for sale. On 15 October, 2022, 81 homes are listed for sale on the MLS . This is a sharp increase from the 9 homes that were available just this past March. Just under half (39) of the available homes are new construction, which until recently were mostly sold off market. Interest rates climbing above 7% are the primary cause for these changes. The best way I have found to describe this market is that it is slower but not slow. A few pleasant surprises for buyers are that they now have the opportunity to think about their purchases, retain their rights to inspections/appraisals and avoid multiple offers as a norm. The box to the upper right shows the recent sales activity. In the past 3 months, 146 homes have sold and this puts us at a pace of a rounded 49 sales per month. This reflects a busy market that is still selling homes for record prices despite the increase in inventory.
In the lower left box, this is known as the absorption rate. It is a fancy term for a number that helps us judge whether the market is a Buyer’s Market (higher than 6), a Seller’s Market (less than 6) or Balanced (6). Hardin Valley’s absorption rate of 1.7 would indicate that we are still in a Seller’s Market. If no new homes were added to the market and we kept selling at a pace of 45/month, all of the houses in 37932 would be sold in less than 1.7 months. In March, the absorption rate was 1 week. (Again, slower but not slow.) The Hardin Valley real estate market still has more demand from interested buyers than a supply of available homes.
Statistically speaking, sellers with an address in 37932 have a 60% chance of selling within the first month of being on the market. While we might be trending towards longer days on market, the data shows that fifty percent (42 of 84) of pending homes went under contract within 7 days of going on the market and 75% (63 of 84) were under contract within 30 days. Regarding the 25 Price Reduced listings, it is our opinion that a majority of them came on the market overpriced. Hardin Valley homes continue to be a hot commodity because of our schools (thank you teachers!), convenient location and new construction of both homes and businesses.
Adam Wilson is a realtor who focuses on homes for sale in Hardin Valley and helps all sorts of people whose housing no longer fits their current lifestyle. He listens to their needs, gets them out of their current place and into just the right house so that home can be a place they want to be.
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