Another amazing year at Tims Ford Lake has come to an end, and with it came a few changes to the market. The real estate roller coaster was definitely active in 2022! Pesky inflation, rising interest rates, and recession fears all played a part in the twists and turns on a wild ride.
The year began much the same way that 2021 ended, red hot and wide open. But as the months went by, economic factors started to flex their muscle and slow the market down. So what do the numbers show? Let’s take a look!
- A total of 49 lakefront homes were sold in 2022, down from 63 the previous year.
- The average sales price was $1,088,956 , up from $850,323 in 2021
- The average days on market was 21 days
- 14 lakefront lots sold, down from 35 in 2021
- The average sales price was $434,500, up significantly from last years $181,249
- The number of lakefront homes currently for sale is 19 (as of this writing in January), up from 10 a year ago at this same time.
- The number of lakefront lots currently for sale is 3, down from 9 this same time last year.
- The average list price for homes currently on the market is $1,188,382 – down from $1,877,250 in January last year. Now don’t be fooled by that number, there were a couple of extremely high priced properties on the market to begin last year, skewing that number.
So if you take all of that, combined with the first hand knowledge of living and working here, what does it mean? The market, as it has nationally, has shifted. Now the news media would have you believe that the sky is falling and a market crash is inevitable. But as usual, they are all about hype and headlines, drama and negativity.
The market is simply returning to a more normal state. The days of sellers asking and getting basically anything they want has likely ended, at least for now. Sellers must look to price their homes more fairly, and be more patient as there are fewer buyers in the market now. While this is good news for buyers, don’t expect to see prices take a huge plunge. Available inventory is still extremely low, and property values have really increased over the last five years. Combine that with a steady stream of out of state buyers looking to relocate to Tennessee as well as the popularity of Tims Ford Lake and the surrounding area, and you have a market that we expect will continue to thrive.
2023 will likely have many taking a “wait and see” approach. We sure wish our crystal ball could tell us what the economy will do!
For sellers, we are blessed to be in a fantastic area of the country with a diverse economy that continues to bring jobs to the area and in turn sustains and builds home values. But we have seen things slow from the blistering pace of a few years ago.
For buyers this year may provide the best opportunity in a while to find your slice of heaven here at Tims Ford. If you have any questions about lake life here, don’t hesitate to give us a call, shoot an email over, or better yet we can meet for lunch at one of the local marinas and talk it over.
We love Tims Ford, and we bet you will too!
Thinking about moving to Tims Ford Lake?
We would love to help! We live and work on Tims Ford Lake – it’s our happy place and we would love to help you make it yours! Use the searches below to start your home search or contact us directly for a personal tour of the lake (on our boat!) or just to chat about your home buying needs. You should also check out our previous blog post, Buying a Home on Tims Ford Lake-4 Things to Consider!
Below are trending searches for real estate on Tims Ford Lake. Click the links to see available active listings.