Data for the month of July showed 3,001 home closings, according to figures provided by Greater Nashville Realtors®. This figure indicates a 13 percent decrease from the 3,459 closings reported for the same period last year. In July 2019, there were 4,189 closings reported.
“Condo sales continue to be an attractive path to homeownership for buyers, with both sales and median sales price exceeding last year’s historically high numbers,” said Brad Copeland, Greater Nashville Realtors president. “The days on market and 3.5 months of available inventory declining shows signs of a strong seller’s market. This is evident in certain pockets of the region still experiencing multiple offers.”
A comparison of sales by category for July is:
There were 2,693 sales pending at the end of July, compared to 2,682 pending sales at this time last year. In July 2019, there were 3,483 sales pending. The average number of days on the market for a single-family home in July was 41 days.
The median price for a residential single-family home was $478,945 and for a condominium, it was $350,110. This compares with last year’s median residential and condominium prices of $490,000 and $347,745, respectively. In 2019, the median price for a residential single-family was $316,000 and for a condominium, it was $227,000.
Inventory at the end of July was 9,892. This figure indicates a 10 percent increase from the 8,957 active listings reported for the same period last year. In July 2019, inventory was 11,550.
Currently, there are 3.5 months of available inventory in the Greater Nashville region.
The current inventory of properties by category, compared to last year, is:
“Inventory of existing homes is still a major factor with sellers hesitant to let go of sub 4% mortgage rates,” Copeland added. “Despite this, the slight uptick of multi-family sales points to both the ongoing increase in multigenerational buyers as well as investor confidence in the Greater Nashville market.”
About Greater Nashville REALTORS®
Greater Nashville REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.
The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.