With Home Prices Remaining Strong, Experts Say Now is the Time to Buy

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Data for the month of October showed 2,824 home closings according to figures provided by Greater Nashville REALTORS®. This figure indicates a 30 percent decrease from the 4,047 closings reported for the same period last year.

“The recent rise in interest rates is playing a factor in declining sales, but there’s still plenty of options for buyers to get into the market today,” said Steve Jolly, Greater Nashville Realtors president.

A comparison of sales by category for October is:

october home sales comparison

There were 2,003 sales pending at the end of October, compared to 3,976 pending sales at this time last year. The average number of days on the market for a single-family home was 39 days.

The median price for a residential single-family home was $478,500 and for a condominium it was $346,510. This compares with last year’s median residential and condominium prices of $429,900 and $295,900 respectively.

Inventory at the end of October was 10,128, up from 5,260 in October 2021.

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

october home inventory comparison

“An increase in inventory and days on market is good news for buyers,” added Jolly. “This gives first-time homebuyers more time to consider their options and with less competition, multiple offer situations are no longer the norm.”

About Greater Nashville REALTORS®
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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