Sales Slow Regionally in September

Several Counties See Increased Sales through Third Quarter

NASHVILLE, Tenn. (Oct. 8, 2018) – There were 3,258 home closings in the Greater Nashville Region reported for the month of September, according to figures provided by Greater Nashville REALTORS®. This figure represents an 8 percent decrease compared to the 3,544 closings in September 2017. 

Data for the third quarter of 2018 showed 11,031 closings, down 2.4 percent from the 11,299 closings during the same period of 2017.

“Sales slowing is typical for this time of year, though this decrease can be reflected by the limited number of entry-level single-family homes entering the market, even with a 32.7 percent rise in inventory for the region since September of last year,” said Greater Nashville REALTORS® President Sher Powers. “The larger inventory offers a great opportunity for buyers and investors to negotiate and avoid multi-offer scenarios while encouraging sellers to be mindful of pricing and features offered.”

“When looking at a breakdown of sales by county for the year through the third quarter, Davidson County shows consistent numbers, with only a half of 1 percent drop-in single-family sales and a gain of 2 percent in condo sales. Dickson, Maury, Robertson and Rutherford counties all showed solid increases in sales,” added Powers.

    A comparison of sales by category for September is:

   2017    2018
CLOSINGS    3,544    3,258
Residential    3,008   2,732
Condominium    362    346
Multi-Family    24    22
Farms/Land/Lots     150    158

A comparison of sales by category for the third quarter:

   2017    2018
CLOSINGS     11,299    11,031
Rsidential     9,538    9,265
Condominium     1,211    1,162
Multi-Family    70    93
Farms/Lands/Lots     480    511

A comparison of sales by category year-to-date is:

   YTD 2017    YTD 2018
CLOSINGS     30,792    30,463
Residential     25,515    25,274
Condominium     4,433    3,329
Multi-Family    247    243
Farms/Lands/Lots     1,591    1,617

There were 2,662 sales pending at the end of September, compared with 3,914 pending sales at this time last year. The average number of days on the market for a single-family home was 30 days.

The median residential price for a single-family home during September was $290,000 and for a condominium it was $218,150. This compares with last year’s median residential and condominium prices of $280,000 and $223,450 respectively.

Inventory at the end of September was 12,415, an increase from 9,358 in September 2017. 

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

   2017    2018
INVENTORY     9,358    12,416
Residential     6,380    8,847
Condominium     538    1,068
Multi-Family    73    91
Farms/Lands/Lots     2,367    2,409


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