Tennessee Sales, Median Price Rise; Inventory Drops In April 2016

  • Tuesday, May 10, 2016
Single-family home sales in Tennessee rose 9.1% in April 2016 over the previous April (from 5,889 to 6,490), the median price rose 9.1% (from $171,000 to $186,600), and inventory dropped by 27.9% (from 32,455 to 23,401), according to statistics compiled by the Tennessee Association of Realtors (TNAOR). 

The trends were almost identical for condominium sales.

"These latest numbers suggest that fence-sitters may be poised to make the move to buy in light of shrinking inventory and concerns over interest-rate hikes.
By all indications, the busy spring and summer months look to be on a pace to surpass last year's overall totals in Tennessee," said Randy Durham, 2016 president of the Tennessee Association of Realtors.
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