Middle Tennessee Housing Inventory Continues to Rise

NASHVILLE, Tenn. (Aug. 7, 2018) – There were 3,812 closings reported for the month of July, according to figures provided by Greater Nashville REALTORS®. This represents a 1.5 percent decrease from the 3,872 closings reported for July 2017. 

Year-to-date closings total 23,242 a 0.5 percent decrease compared to the 23,365 closings reported through July 2017.

“The numbers in July show a slight decrease in closings compared to 2017, but the market remains stable as we continue to see a steady inventory increase,” said Greater Nashville REALTORS® President Sher Powers. “We are pleased to see inventory continue to grow across Middle Tennessee, which is not the case in other markets across the country.” 

A comparison of sales by catagory for July is: 

   2017    2018
CLOSINGS    3,872    3,813
Residential    3,248    3,232
Condominium    439   378
Multi-Family    22    41
Farms/Land/Lots     163    161

There were 3,347 properties under contract at the end of the month, compared to the 3,575 properties under contract at this time last year. The average number of days on the market for a single-family home was 25 days.

The median residential price for a single-family home during July was $307,000 and for a condominium it was $222,750. This compares with last year’s median residential and condominium prices of $288,243 and $203,000.

Active inventory at the end of July was 11,671 which increased from 9,151 in 2017.

The current inventory by properties by catagory, compared to last year, is: 

   2017    2018
INVENTORY    9,151    11,671
Residential    6,177    8,323
Condominiums    513    927
Multi-Family    67    91
Farms/Land/Lots     2,394    2,330

“The continued increase in inventory can lead to a more balanced and healthy market across Middle Tennessee, calming the steady pricing increases we've seen in the past few years, which in turn may inspire buyers on the fence to start their home buying search,” said Powers. 

Source: https://www.greaternashvillerealtors.org/news/middle-tennessee-housing-inventory-continues-rise

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