Tennessee Home Sales Steady, Price Up, Inventory Down

Monday, May 14, 2018

Tennessee saw 6,893 single-family closings in April 2018, up 2.3 percent from a year earlier, while the median price kept rising and available homes shrunk, according to data compiled by Tennessee REALTORS.

 

While home sales rose slightly from 6,736 closings to 6,893, the median price grew 8.3 percent ($203,200 to $220,000), and available inventory fell 23 percent (23,680 to 18,238).

 

Somewhat in contrast, condominium sales jumped 21 percent from a year early (530 closings to 642).

Meanwhile, the median condo price rose 10.8 percent ($171,250 to $189,700) and condo inventory tumbled 27.9 percent (1,673 to 1,207) over April 2017.

 

The tables below summarize Tennessee’s April 2018 housing market in sales, price and inventory:

 

 

SALES

April 2017

April 2018

Change

Single-Family

6,736

6,893

+2.3%

Condo

530

642

+21%

 

MEDIAN PRICE

April 2017

April 2018

Change

Single-Family

$203,200

$220,000

+8.3%

Condo

$171,250

$189,700

+10.8%

 

INVENTORY

April 2017

April 2018

Change

Single-Family

23,680

18,238

-23%

Condo

1,673

1,207

-27.9%




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