Real Estate Update: Surge in Condo Sales Suggests More Choices for Entry-Level Buyers

According to figures provided by the Greater Nashville REALTORSÒ, 3,566 home closures were reported in August. This number is down 16% from the 4,288 deals reported in the same period last year.

Greater Nashville REALTORS® President Steve Jolly said, “Home sales have fallen below record-breaking volumes since the same month last year, but are up 3.1% compared to July 2022.” It should be comforting to consumers who are witnessing the resilience of Nashville’s real estate market, as buyers continue to buy condos at a faster pace than last month and last year, fueling strong demand at entry-level prices. is showing.”

The sales comparison by category in August is as follows.

At this point last year, there were 3,628 pending sales, but at the end of August, there were 2,992 pending sales. The average number of days in the market for single-family homes was 28 days.

The median price for single-family homes was $475,000 and the median price for condos was $349,595. This compares to last year’s median home and condo prices of $415,000 and $290,400, respectively.

Inventory at the end of August was 9,302, up from 5,246 in August 2021.

Here is the current property inventory by category compared to last year:

“Stocks appear to have settled at levels last seen in June 2020,” Jolie added. “We expect buyers to continue to have more choice and less competition until rates are consistently below 5%, which is healthy for our real estate market.”

About Greater Nashville REALTORS® – One of the largest professional trade associations in Central Tennessee and serves as the primary voice for Nashville area property owners. REALTOR® is a registered trademark and is a member of the National Association of REALTORS® and may only be used by real estate professionals 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.

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