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:
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:
“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.