NASHVILLE, Tenn. (Sept. 9, 2024) – Data for the month of August showed 3,086 home closings, according to figures provided by Greater Nashville Realtors®. This figure indicates a 6 percent decrease from the 3,305 closings reported for the same period last year.
“While the number of home sales were down slightly compared to August of last year, the decline in interest rates over the past 30 days have brought buyers back into the market.,” said Kevin Wilson, Greater Nashville Realtors President. “The pending sales for the month is an encouraging indicator of the rising direction of the market.”
A comparison of sales by category for August is:
|
Year |
2023 |
2024 |
|
CLOSINGS |
3,305 |
3,086 |
|
Residential |
2,591 |
2,480 |
|
Condominium |
513 |
440 |
|
Multi-Family |
14 |
17 |
|
Farm/Land/Lots |
187 |
149 |
There were 2,603 sales pending at the end of August, compared to 2,607 pending sales at this time last year. The average number of days on the market for a single-family home in August was 46 days.
The median price for a residential single-family home was $485,000 and for a condominium it was $349,990. This compares with last year’s median residential and condominium prices of $476,559 and $350,000 respectively.
Inventory at the end of August was 12,053. This figure indicates a 22 percent increase from the 9,853 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:
|
Year |
2023 |
2024 |
|
INVENTORY |
9,853 |
12,053 |
|
Residential |
6,801 |
8,133 |
|
Condominium |
1,110 |
1,901 |
|
Multi-Family |
82 |
108 |
|
Farm/Land/Lots |
1,860 |
1,911 |
“The combination of softening interest rates and rising inventory levels have created a unique opportunity for homebuyers in the Greater Nashville Market,” Wilson added. Although single family and condo prices continue to see modest gains, sellers should work with a Realtor to navigate this more balanced and competitive market place.
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.
