August Sales See Continued Growth Across Middle Tennessee

NASHVILLE, Tenn. (September 9, 2019) – There were 4,140 home closings reported for the month of August according to figures provided by the Greater Nashville REALTORS®. This figure is up 4.5 percent from the 3,961 closings reported for the same period last year.
 

"We continue to see healthy growth in home sales across the region," said Andrew Terrell, Greater Nashville REALTORS® president. "This ongoing growth is indicative of super-low mortgage rates and the historic economic growth in Middle Tennessee."

 

A comparison of sales by category for August is:

 

2018

2019

 

 

CLOSINGS

3,961

4,140

 

Residential

3,301

3,516

 

Condominium

438

413

 

Multi-Family

30

32

 

Farms/Land/Lots

192

179

 

 

There were 3,561 sales pending at the end of August, compared to 3,152 pending sales at this time last year. The average number of days on the market for a single-family home was 32 days.

 

The median price for a residential single-family home was $315,862 and for a condominium it was $232,900. This compares with last year’s median residential and condominium prices of $305,000 and $224,900 respectively.

 

Inventory at the end of August was 11,460, down from 12,150 in August 2018. 

 

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

 

2018

2019

 

INVENTORY

12,150

11,460

Residential

8,677

8,177

Condominium

984

940

Multi-Family

95

55

Farms/Land/Lots

2,394

2,288

 

 

 

"Homes are selling fast, and at higher prices. If you are looking to navigate our vibrant, local housing market, it is imperative to use a Realtor.  More than an app, a Realtor knows the market, knows how to negotiate and adheres to a strict code of ethics, thus ensuring, you the consumer is taken care of," added Terrell. 

 

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.
 

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View the August 2019 Market Data Infographic | PDF