NASHVILLE, Tenn. (July 8, 2024) – There were 3,042 home closings reported for the month of June, according to figures provided by Greater Nashville Realtors. This figure indicates a 13 percent decrease from the 3,533 closings reported for the same period last year.
“While closings were down for the month of June, they have remained steady for the first half of the year,” said Kevin Wilson, Greater Nashville Realtors President. “This decrease is attributed to robust property values in the region combined with the Fed’s current monetary policy.” Wilson added, listings have increased by 15%, providing more options for buyers.”
A comparison of sales by category for June is:
|
Year |
2023 |
2024 |
|
CLOSINGS |
3,533 |
3,042 |
|
Residential |
2,752 |
2,431 |
|
Condominium |
492 |
439 |
|
Multi-Family |
19 |
19 |
|
Farm/Land/Lots |
270 |
153 |
Data for the second quarter of 2024 showed 9,611 closings, a 1 percent decrease from the 9,722 closings during the second quarter of 2023.
A comparison of sales by category for the second quarter is:
|
Year |
2023 |
2024 |
|
CLOSINGS |
9,722 |
9,611 |
|
Residential |
7,650 |
7,590 |
|
Condominium |
1,403 |
1,471 |
|
Multi-Family |
44 |
58 |
|
Farm/Land/Lots |
625 |
492 |
2024 midyear report:
|
|
|
YTD 2023 |
YTD 2024 |
|
CLOSINGS |
|
16,773 |
16,518 |
|
Residential |
|
13,198 |
13,020 |
|
Condominium |
|
2,492 |
2,508 |
|
Multi-Family |
|
80 |
106 |
|
Farm/Land/Lots |
|
1,003 |
884 |
There were 2,703 sales pending at the end of June, compared to 2,894 pending sales at this time last year.
The median price for a residential single-family home was $505,000 and for a condominium it was $345,000. This compares with last year’s median residential and condominium prices of $474,900 and $330,000 respectively.
There were 11,255 active listings reported for the month of June, according to figures provided by Greater Nashville REALTORS®. This figure indicates a 15 percent increase from the 9,594 active listings reported for the same period last year.
Currently, there are 3.5 months of available inventory in the Greater Nashville region.
The current inventory of properties by category, compared to last year, is:
|
Year |
2023 |
2024 |
|
INVENTORY |
9,594 |
11,255 |
|
Residential |
6,656 |
7,688 |
|
Condominium |
1,094 |
1,713 |
|
Multi-Family |
61 |
101 |
|
Farm/Land/Lots |
1,783 |
1,753 |
“Notably, sales prices have risen by 6% year over year, which is a positive indicator of a healthy real estate market,” Wilson added. “This suggests that demand for properties remains robust, buyers are willing to pay higher prices, and overall market confidence is high.”
About Us: Greater Nashville REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.
The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.
