Increased Inventory and Home Price Stabilization Show Buyer-Friendly Market

0
231

There were 3,533 home closings reported for the month of June, according to figures provided by Greater Nashville Realtors. This figure indicates a 17 percent decrease from the 4,257 closings reported for the same period last year. In June 2019, there were 4,172 closings reported.

“Interest rates continue to drive the Greater Nashville housing market for both buyers and sellers,” said Brad Copeland, Greater Nashville Realtors president. “This has made condo sales continue to be strong as buyers flock to that inventory due to its affordability.”

A comparison of sales by category for June is:

june real estate stats

Data for the second quarter of 2023 showed 9,722 closings, a 19 percent decrease from the 12,057 closings during the second quarter of 2022. There were 11,823 closings reported during the second quarter of 2019.

A comparison of sales by category for the second quarter is:

2023 Mid-Year Report

There were 2,894 sales pending at the end of June, compared to 3,245 pending sales at this time last year. In June 2019, there were 3,645 sales pending. The average number of days on the market for a single-family home in June was 41 days.

The median price for a residential single-family home was $474,900 and for a condominium, it was $330,000. This compares with last year’s median residential and condominium prices of $495,070 and $348,150 respectively. In June 2019, the median price for a residential single-family was $319,990 and for a condominium, it was $231,689.

There were 9,594 active listings reported for the month of June, according to figures provided by Greater Nashville REALTORS®. This figure indicates a 30 percent increase from the 7,370 active listings reported for the same period last year. In June 2019, inventory was 11,610.

Currently, there are 3.5 months of available inventory in the Greater Nashville region.

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

“For the qualified buyer, the stabilization of home prices in 2023 combined with increased inventory makes now the most buyer-friendly market we have seen in Middle Tennessee in several years,” Copeland added.

About the 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.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here