The Greater Nashville area reported 3,459 home closures in July, according to figures provided by Greater Nashville REALTORS®. This represents a 19% decrease compared to his 4,314 closures in July 2021.
Greater Nashville REALTORS® President Steve Jolly said: “It’s healthy for Nashville and Central Tennessee to slowly move to a more balanced market.”
The sales comparison by category in July is as follows.
At this point last year, the number of pending sales was 3,365, while at the end of July, the number of pending sales was 2,682. The average number of days in the market for single-family homes was 28 days.
Single-family homes averaged $490,000, while condos were $347,745. This compares with last year’s median home and condo prices of $415,075 and $292,735, respectively.
Inventory at the end of July was 8,957, up from 5,097 in July 2021.
Here is the current property inventory by category compared to last year:
“Housing supply is increasing, but not enough to have a significant impact on market momentum,” Jolie added. “This is good news as prices remain stable even with increased supply. We expect prices to rise again when interest rates consistently approach 5%.”
About Us: Greater Nashville Realtors®
It is one of the largest professional trade associations in Central Tennessee and serves as the primary voice for real estate owners in the Nashville area. REALTOR® is a registered trademark and can only be used by real estate professionals who are members of the National Association of REALTORS® and who agree to its strict ethical code.
The data collected in this release represents nine counties in Middle Tennessee: Cheatham, Davidson, Dixon, Morley, Robertson, Rutherford, Sumner, Williamson, and Wilson.