Real Estate Update: Spike in Condo Sales Suggests More Choices for Entry-Level Buyers

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There were 3,566 home closings reported for the month of August according to figures provided by Greater Nashville REALTORSÒ. This figure is down 16 percent from the 4,288 closings reported for the same period last year.

“While homes sales were down over our record-breaking volume from the same month last year, they increased 3.1 percent over July 2022,” said Steve Jolly, Greater Nashville REALTORS® president. “This should be comforting to consumers who now see the resiliency of the Nashville real estate market. Buyers continue to purchase condos at a greater pace than last month and last year signaling strong demand at entry-level prices.”

A comparison of sales by category for August is:

 

There were 2,992 sales pending at the end of August, compared to 3,628 pending sales at this time last year. The average number of days on the market for a single-family home was 28 days.

The median price for a residential single-family home was $475,000 and for a condominium, it was $349,595. This compares with last year’s median residential and condominium prices of $415,000 and $290,400 respectively.

Inventory at the end of August was 9,302, up from 5,246 in August 2021.

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

“Inventory appears to be settling down at a level last seen in June 2020,” Jolly added. “Until rates fall below five percent consistently, I expect buyers will continue to have more choices and less competition which is healthy for our real estate market.”

About Greater Nashville REALTORS® – 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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