August Brings Home Sales Increase

NASHVILLE, Tenn. (Sept. 7, 2018)There were 3,961 closings reported for the month of August, according to figures provided by Greater Nashville REALTORS®. This represents a 2.0 percent increase from the 3,883 closings reported for August 2017.

 

Year-to-date closings total 27,205 a 0.2 percent decrease compared to the 27,248 closings reported through August 2017.

“The numbers in August show a healthy increase in closings compared to August 2017,” said Greater Nashville REALTORS® President Sher Powers. “We're also seeing strong pending sales as we head into September, which bodes well for fall closings.”
 

A comparison of sales by category for August is:

 

 

2017

2018

CLOSINGS

3,883

3,961

 Residential

3,282

3,301

 Condominium

410

438

 Multi-Family

24

30

 Farms/Land/Lots

167

192

 

 

 

There were 3,152 properties under contract at the end of the month, compared to the 3,939 properties under contract at this time last year. The average number of days on the market for a single-family home was 27 days.

 

The median residential price for a single-family home during August was $305,000 and for a condominium it was $224,900. This compares with last year’s median residential and condominium prices of $285,000 and $207,061.

 

Active inventory at the end of August was 12,150, which increased from 9,208 in 2017.
 

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

 

 

2017

2018

INVENTORY*

9,208

12,150

 Residential

6,233

8,677

 Condominium

525

984

 Multi-Family

86

95

 Farms/Land/Lots

2,364

2,394

 

“As inventory shows moderate increases across Middle Tennessee, the market is calming and offering more home options for buyers, which has inspired new buyers to step into the market and more sellers to list their homes,” added Powers.

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.
 

View the August 2018 Market Data Infographic | PDF