Sales Slow Regionally in September

NASHVILLE, Tenn. (Oct. 8, 2018) – There were 3,258 home closings in the Greater Nashville Region reported for the month of September, according to figures provided by Greater Nashville REALTORS®. This figure represents an 8 percent decrease compared to the 3,544 closings in September 2017.

 

Data for the third quarter of 2018 showed 11,031 closings, down 2.4 percent from the 11,299 closings during the same period of 2017.
 

“Sales slowing is typical for this time of year, though this decrease can be reflected by the limited number of entry-level single-family homes entering the market, even with a 32.7 percent rise in inventory for the region since September of last year,” said Greater Nashville REALTORS® President Sher Powers. “The larger inventory offers a great opportunity for buyers and investors to negotiate and avoid multi-offer scenarios while encouraging sellers to be mindful of pricing and features offered.”

 

“When looking at a breakdown of sales by county for the year through the third quarter, Davidson County shows consistent numbers, with only a half of 1 percent drop-in single-family sales and a gain of 2 percent in condo sales. Dickson, Maury, Robertson and Rutherford counties all showed solid increases in sales,” added Powers.

 

A comparison of sales by category for September is:

 

2017

2018

CLOSINGS

3,544

3,258

 Residential

3,008

2,732

 Condominium

362

346

 Multi-Family

24

22

 Farms/Land/Lots

150

158

 

 

 

A comparison of sales by category for the third quarter:

 

2017

2018

CLOSINGS

11,299

11,031

 Residential

9,538

9,265

 Condominium

1,211

1,162

 Multi-Family

70

93

 Farms/Land/Lots

480

511

 

 

 

A comparison of sales by category year-to-date is:

 

YTD 2017

YTD 2018

CLOSINGS

30,792

30,463

 Residential

25,515

25,274

 Condominium

4,433

3,329

 Multi-Family

247

243

 Farms/Land/Lots

1,591

1,617

 

There were 2,662 sales pending at the end of September, compared with 3,914 pending sales at this time last year. The average number of days on the market for a single-family home was 30 days.

 

The median residential price for a single-family home during September was $290,000 and for a condominium it was $218,150. This compares with last year’s median residential and condominium prices of $280,000 and $223,450 respectively.

 

Inventory at the end of September was 12,415, an increase from 9,358 in September 2017. 

 

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

 

2017

2018

INVENTORY

9,358

12,415

 Residential

6,380

8,847

 Condominium

538

1,068

 Multi-Family

73

91

 Farms/Land/Lots

2,367

2,409

 

 

 

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 September 2018 Market Data Infographic | PDF