More choice is building in part of the Primary market
These numbers cover the three months ending August 31, 2026. The market is not the same in every ZIP code. That is the main thing to take from this read.
The number that changes the conversation
The National Association of Realtors put national supply at 4.9 months. That is already the highest level in over ten years. In ZIP 37203, the Real Estate Data Aggregator counted 11.8 months of supply for the three months ending August 31, 2026. That is more than twice the national figure.
For buyers in 37203, more supply means more homes to compare and more room to talk terms. For sellers, it means pricing and presentation carry more weight when 354 homes are competing for the same buyers.
How supply stacks up across the Primary market
ZIP 37201 sits highest at 17.1 months, per the Real Estate Data Aggregator. Only 7 homes sold there in the period, and the median days on market was 159 days. That is a very different story from 37205 or 37204, where supply ran below 5 months.
Where inventory grew the most
The Real Estate Data Aggregator counted 354 homes for sale in ZIP 37203, up 43.9% from the same three months in 2025. New listings in 37203 rose 38.3% in the same comparison. That is the sharpest inventory rise in this market.
Sales did rise in 37203, up 7% year over year. But supply grew much faster than sales. That gap is what pushed months of supply up 3 months from a year ago, according to the Real Estate Data Aggregator.
Prices tell a mixed story
Not every ZIP saw prices fall as supply rose. The Real Estate Data Aggregator shows the median sale price in 37203 was $702,500, up 18.6% year over year. In 37204 it was $1,225,000, up 31.2%. Both of those ZIPs saw strong price gains even as listings increased.
ZIP 37205 is a different case. The median there dipped 4.5% to $1,155,000, per the Real Estate Data Aggregator. ZIP 37208 dropped 12.2% to $480,000. Prices dipped in those two ZIPs, and sellers there may need to be sharper on price.
| 37203 | 37204 | 37205 | 37208 | |
|---|---|---|---|---|
| Median sale price | $702,500 | $1,225,000 | $1,155,000 | $480,000 |
| Year-over-year price change | +18.6% | +31.2% | -4.5% | -12.2% |
| Median days on market | 83 | 71 | 72 | 65 |
| Months of supply | 11.8 | 4.9 | 4.6 | 9 |
How fast are homes going under contract?
Even in a supply-heavy ZIP, some homes move quickly. In ZIP 37203, the Real Estate Data Aggregator found that 17.4% of homes went under contract within two weeks of listing. That share is up 6.4 points from a year ago. So well-priced homes are still finding buyers.
ZIP 37208 had the sharpest jump in quick contracts: 29.2% of homes went under contract within two weeks, up 8.7 points year over year, per the Real Estate Data Aggregator. That is a sign that correctly priced homes there are moving, even as overall supply sits at 9 months.
Rates are adding pressure for everyone
Freddie Mac put the average 30-year fixed rate at 7.40% as of October 8, 2026. The 15-year averaged 6.73%. Those rates make every price point harder for buyers to carry.
Nationally, the National Association of Realtors reported existing-home sales fell 2.0% month over month in August 2026. Year to date through the first eight months, sales were still up 1.6%. Buyers are in the market, but they are being careful.
What this means if you own in ZIP 37203
With 11.8 months of supply, your home is competing with a lot of others. The sale-to-list ratio in 37203 was 97.2%, per the Real Estate Data Aggregator. Homes are still selling close to list price, but only 4.4% sold above list. Pricing tight to market value matters more now than it did a year ago.
Median days on market in 37203 fell 21 days shorter year over year to 83 days, per the Real Estate Data Aggregator. That is progress. It says the market is absorbing homes, just at a measured pace.
The rest of the Primary market looks different
Across all seven ZIPs, the Real Estate Data Aggregator counted 722 homes sold, 1,585 homes for sale and 1,153 new listings in the three months ending August 31, 2026. The picture varies sharply by ZIP. One ZIP at 4.6 months of supply and another at 17.1 months are not the same market.
One street can read very differently from the ZIP code around it. If you want to know where your home sits in this picture, text me your address.
- ZIP 37203 has 11.8 months of supply, up 3 months from a year ago, and new listings there rose 38.3%.
- That is the most supply in this market outside of 37201. Homes are still selling, but pricing and presentation matter more when buyers have more to choose from.
- Other ZIPs in the Primary market sit much closer to the national figure of 4.9 months.
Your next step
(619) 822-5388Text me your address and I will send back how your home's supply picture compares with what actually sold near you in the Primary market. Takes a day, costs nothing.
Text me- Real Estate Data Aggregator numbers for ZIPs 37203, 37204, 37205, 37208, 37212, 37201 and 37209, the three months ending August 31, 2026, compared with the same months of 2025. Real Estate Data Aggregator last updated them on Oct 7, 2026.
- Freddie Mac: Mortgage Rates, read Oct 10, 2026
- National Association of Realtors: Existing-Home Sales, read Oct 10, 2026
- Redfin: One in Five Home Sellers Cut Prices as Buyer’s Market Persists, Sep 30, 2026
- Realtor.com: Weekly Housing Trends: U.S. Market Update (Week Ending Oct. 3, 2026), Oct 8, 2026
- CNBC: High mortgage rates are trapping homeowners in place, and making renovations harder to afford, Oct 3, 2026