Pending Home Sales Climb in September, Setting Up A Strong Q4

NASHVILLE, Tenn. (Oct. 7, 2024) – Data for the month of September showed 2,810 home closings, according to figures provided by Greater Nashville REALTORS®. This figure indicates a 0.1 percent increase from the 2,807 closings reported for the same period last year.

Data for the third quarter of 2024 showed 9,167 closings, a 0.5 percent increase from the 9,113 closings during the third quarter of 2023.

“Median home sale prices and the number of home sales in the Greater Nashville market remained stable in September with a 3 percent increase in median condo prices,” said Kevin Wilson, Greater Nashville REALTORS® president. “Home sales for the third quarter posted a modest .5 percent gain.”

A comparison of sales by category for September is:

A comparison of sales by category for the third quarter is: 

There were 2,403 sales pending at the end of September, compared to 2,277 pending sales at this time last year. The average number of days on the market for a single-family home in September was 46 days.

The median price for a residential single-family home was $467,000 and for a condominium it was $356,000. This compares with last year’s median residential and condominium prices of $468,410 and $344,995 respectively.

There were 12,308 active listings reported for the month of September, according to figures provided by Greater Nashville REALTORS®. This figure indicates a 24 percent increase from the 9,896 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:

“With a 5.5% increase in pending home sales in September, buyers are moving back into the market and we can expect a stronger 4th quarter,” Wilson added. “The combination of lower interest rates and the continued increase in inventory offer buyers more options and opportunity to negotiate."

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.