Tennessee saw 6,708 single-family home closings in March 2018, down 3.4 percent from a year earlier, while the median home price rose steadily and the number of homes available continued to tighten, according to data compiled by Tennessee Realtors.
Home sales dipped from 6,949 closings to 6,708, the median price grew 11.5 percent ($203,000 to $225,000), and available inventory was down almost a fourth at 24.6 percent (23,400 to 17,648).
Condominium sales were flat, dropping -0.1 percent (622 closings to 613), the median condo price rose 9.4 percent ($178,245 to $194,999), and condo inventory fell 25.6 percent (1,556 to 1,157) over March 2017.
For the first quarter of 2018, home sales were relatively flat, slipping 1.2 percent (16,833 to 16,624), while the median price rose 10.5 percent ($195,900 to $216,550). Condo closings fell 6.6 percent, and the median condo price rose 5.7 percent ($175,000 to $185,000) from March to March.
The tables below summarize Tennessee’s March 2018 housing market in sales, price and inventory, followed by 1Q 2018 sales and price results:
|
SALES
|
March 2017
|
March 2018
|
Change
|
|
Single-Family
|
6,949
|
6,708
|
-3.4%
|
|
Condominium
|
622
|
613
|
-0.1%
|
|
MEDIAN PRICE
|
March 2017
|
March 2018
|
Change
|
|
Single-Family
|
$203,000
|
$225,000
|
+10.8%
|
|
Condominium
|
$178,245
|
$194,999
|
+9.4%
|
|
INVENTORY
|
March 2017
|
March 2018
|
Change
|
|
Single-Family
|
23,400
|
17,648
|
-24.6%
|
|
Condominium
|
1,556
|
1,157
|
-25.6%
|
First-quarter results:
|
SALES
|
1Q 2017
|
1Q 2018
|
Change
|
|
Single-Family
|
16,833
|
16,624
|
-1.2%
|
|
Condominium
|
1,531
|
1,429
|
-6.6%
|
|
MEDIAN PRICE
|
1Q 2017
|
1Q 2018
|
Change
|
|
Single-Family
|
$195,900
|
$216,550
|
+10.5%
|
|
Condominium
|
$175,000
|
$185,000
|
+5.7%
|