Data for the month of October showed 2,540 home closings, according to figures provided by Greater Nashville REALTORS®. This figure indicates a 12 percent decrease from the 2,886 closings reported for the same period last year.
“The housing market continued to shift toward more favorable conditions for buyers in October, as inventory increased and both pending and closed sales declined, said Jack Gaughan, Greater Nashville REALTORS® President.” “The most significant takeaway is the growing imbalance between available inventory and buyer activity. With more properties on the market, fewer closings, and fewer properties under contract, buyers have more choices and potentially greater negotiating leverage.”
A comparison of sales by category for October is:
There were 1,805 sales pending at the end of October, compared to 2,276 pending sales at this time last year. The average number of days on the market for a single-family home in October was 61 days.
The median price for a residential single-family home was $499,990 and for a condominium it was $343,776. This compares with last year’s median residential and condominium prices of $515,000 and $353,700, respectively.
The median price for a residential single-family home was $499,990 and for a condominium it was $343,776. This compares with last year’s median residential and condominium prices of $515,000 and $353,700, respectively.
Inventory at the end of October was 15,379. This figure indicates an 8 percent increase from the 14,282 active listings reported for the same period last year.
Currently, there are 6.83 months of available inventory in the Greater Nashville region.
“Despite the decline in closings the median residential sales price decreased only 3%,” Gaughan added. “This suggests that softer demand has not translated into equally significant price declines across the broader market.”
