NASHVILLE, Tenn. (November 7, 2024) – Data for the month of October showed 2,841 home closings, according to figures provided by Greater Nashville REALTORS®. This figure indicates a 5 percent increase from the 2,697 closings reported for the same period last year.
“With the election behind us and the Fed positioned to continue to reduce rates in the coming months, expect to see both buyers and sellers re-engage in the market,” said Kevin Wilson, Greater Nashville REALTORS® President.
A comparison of sales by category for October is:
|
Year |
2023 |
2024 |
|
CLOSINGS |
2,697 |
2,841 |
|
Residential |
2,106 |
2,308 |
|
Condominium |
425 |
378 |
|
Multi-Family |
12 |
18 |
|
Farm/Land/Lots |
154 |
137 |
There were 2,300 sales pending at the end of October, compared to 1,993 pending sales at this time last year. The average number of days on the market for a single-family home in October was 48 days.
The median price for a residential single-family home was $490,000 and for a condominium it was $335,988. This compares with last year’s median residential and condominium prices of $472,370 and $347,000 respectively.
Inventory at the end of October was 11,974. This figure indicates a 17 percent increase from the 10,235 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 |
10,235 |
11,974 |
|
Residential |
7,057 |
8,121 |
|
Condominium |
1,238 |
1,900 |
|
Multi-Family |
88 |
106 |
|
Farm/Land/Lots |
1,852 |
1,847 |
“The increase in inventory continues to provide buyers with leverage, while sellers can be confident in their investment as equity and median home sale prices continue to grow,” Wilson added. “With increases in most all categories, the Greater Nashville Real estate market is poised to finish the year ahead of 2023 sales and median home sale prices.”
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.
