There were 3,459 home closings in the Greater Nashville Region reported for the month of July, according to figures provided by Greater Nashville REALTORS®. This indicates a decrease of 19 percent compared to the 4,314 closed in July 2021.
“While a nineteen percent year-over-year volume decrease seems like a huge number, last year was the hottest real estate market in Nashville history,” said Steve Jolly, president of Greater Nashville REALTORS®. “Slowly transitioning to a more balanced market is healthy for Nashville and Middle Tennessee.”
A comparison of sales by category for July is:
There were 2,682 pending sales at the end of July, compared with 3,365 pending sales at this time last year. The average number of days on the market for a single family home was 28 days.
The median price for a residential single-family home was $490,000 and for a condo, it was $347,745. This compares to last year’s median residential and condo prices of $415,075 and $292,735 respectively.
The inventory at the end of July was 8,957, up from 5,097 in July 2021.
The current inventory of properties by category, compared to last year, is:
“The supply of houses has increased, but not enough to significantly affect market momentum,” Jolly added. “This is good news as prices are holding steady even with the increase in supply. I expect prices to rise again when rates approach five percent consistently.”
About Us: Greater Nashville Realtors®
One of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville area homeowners. REALTOR® is a registered trademark that may only be used by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.
