October Tennessee Home Sales Dip, Prices Rise, Inventory Declines

Median Home Price Reaches $225,000 Statewide

Tuesday, November 20, 2018

There were 6,761 single-family home closings in Tennessee in October, down 152 from a year earlier (2.2 percent), while the median home price rose 7.1 percent ($210,000 to $225,000) and available inventory of homes tightened 9.3 percent (24,225 to 21,983), according to data compiled by Tennessee Realtors. 

By contrast, condo sales in October rose 9.2 percent (512 closings to 559), while the median condo price climbed 6.8 percent ($178,200 to $190,310), and condo inventory slipped 4.9 percent (1,656 to 1,575) over October 2017. 

“The real estate market in Tennessee remains active and vibrant,” said Kathy Tucker, 2019 president of Tennessee Realtors. “While sales have slowed and prices have risen, inventory continues to be tight but the decline in available homes has slowed in recent months. Whether or not the market is tight, it’s always a good time to seek out expertise when looking to buy or sell a home.”

The tables below summarize Tennessee’s October 2018 data:

CLOSINGS

Oct 2017

Oct 2018

Change

Single-Family

6,913

6,761

-2.2%

Condo

512

559

+9.2%

 

MEDIAN PRICE

Oct 2017

Oct 2018

Change

Single-Family

$210,000

$225,000

+7.1%

Condo

$178,200

$190,310

+6.8%

 

 

 

 

 

 

INVENTORY

Oct 2017

Oct 2018

Chang

Single-Family

24,225

21,983

-9.3%

Condo

1,656

1,575

-4.9%

 


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