What does the Real Estate market look like in Jackson, TN in 2022
Hey this is Nathan Lilly with Conner Real Estate here in Jackson, Tennessee, just want to make a quick video on what does the real estate market look like in Jackson, Tennessee, in the year 2022? So so far, we're in March of 2022. It's been a crazy, crazy hot seller's market. Same story. It's been over the last two and a half three years. Crazy hot sellers market. But we are starting to see change and I see change coming. I don't know whether it will be late this year or whether it will be next year. But there are signs and there are actual things going on, which the biggest one right now is mortgage rates. They are over four percent now, which last year they were expected to hit hit over four percent by the end of the year. In 2022, we're in March there, over four percent. So I mean, we see that rates are going up there basically. So as inflation increases, so will rates. You know, like there's a stat with February of twenty twenty two over the past 12 months, inflation is at seven point nine percent. So they're raising rates because inflation and gas prices of course, across the country, we're experiencing high, high gas prices. The war in Ukraine, Russia, you know, it's affecting the global economy. So I see change coming. I don't know whether it's going to shift over to a buyer's market. Just say for them like it's a seller's market right now, very strong sellers market, I don't know, open to go to the foreign buyers market. What I do think will happen, I think it's going to level out. I think that prices will start to just level out or we're going to see that general with three to five percent appreciation where over the past two and a half years we've seen some crazy, crazy appreciation. But that's what I see happening in the year 2022 There's going to be some volatility. Things are going to change. I don't think it'll be anything dramatic. I think it will stay a hot seller's market for a while, but that's going to eventually change. But my name's Nathan Lilly. I am a local realtor. If you need anything at all, work seven days a week, reach out any time and have a wonderful day.