Mid-Year Rebound: Signs of Recovery Emerge

NASHVILLE, Tenn. (August 7, 2024) – Data for the month of July showed 3,271 home closings, according to figures provided by Greater Nashville REALTORS®. This figure indicates a 8 percent increase from the 3,001 closings reported for the same period last year.

"After sluggish activity in June, the Middle Tennessee housing market posted a strong rebound with an increase in nearly all categories in July,” said Kevin Wilson, Greater Nashville Realtors President.

A comparison of sales by category for July is:

There were 2,551 sales pending at the end of July, compared to 2,693 pending sales at this time last year. The average number of days on the market for a single-family home in July was 42 days.

The median price for a residential single-family home was $499,994 and for a condominium it was $353,000. This compares with last year’s median residential and condominium prices of $478,945 and $350,110 respectively.

Inventory at the end of July was 11,922. This figure indicates a 20 percent increase from the 9,892 active listings reported for the same period last year.

Currently, there are 4 months of available inventory in the Greater Nashville region.

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

“The momentum shown this month, combined with the continued softening of interest rates, is expected to spur strong housing sales through the third quarter of 2024,” Wilson added.

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.