Tennessee Home Sales Inch Upward As Prices Rise And Inventory Remains Tight

Monday, September 11, 2017 - by Phil Newman, Tennessee Realtors

n line with recent trends, home sales across Tennessee ticked up 1.9 percent (7,603 closings to 7,745) in August 2017; the median price continued rising steadily, 9.8 percent ($198,000 to $217,500); and available homes kept falling, -24.3 percent (28,635 to 21,292) over August 2016, according to data compiled by Tennessee Realtors.

 

Condo sales took a slightly different tack, falling -10.

4 percent (791 closings to 709), even as the median condo price gained +11.4 percent ($166,000 to $185,000), and inventory fell almost one-third, -32% (2,213 to 1,511) over August 2016.

 

The tables below summarize the August 2017 results in sales, price and inventory:

 

 

Aug. 2016

Aug. 2017

Change

SALES

8,394


8,454

+.7%

Residential

7,603

7,745

+1.9%

Condominium

791

709

-10.4%

 

 

Aug. 2016

Aug. 2017

Change

MEDIAN PRICE

-

-

-

Residential

$198,000

$217,500

+9.8%

Condominium

$166,000

$185,000

+11.4%

 

 

Aug. 2016

Aug. 2017

Change

INVENTORY

30,295

22,768

-25%

Residential

28,079

21,247

-24.3%

Condominium

2,216

1,521

-31.4%

 

 



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