Nashville Market Slowing Signals An Ease Toward A More Balanced Market

  • Wednesday, December 7, 2022
A comparison of sales by category for November
A comparison of sales by category for November

There were 2,493 home closings in the Greater Nashville Region reported for the month of November, according to figures provided by Greater Nashville Realtors. This figure is down 38 percent compared to the 4,027 closings in November 2021.

"If inflation holds steady, expect the prices to do the same through the winter months,” said Steve Jolly, Greater Nashville Realtors president. “Many experts predict more interest rate increases in the short term and a return to lower rates by the end of 2023."

There were 1,776 sales pending at the end of November, compared to 3,112 pending sales at this time last year. The average number of days on the market for a single-family home was 41 days.

The median price for a residential single-family home was $460,000 and for a condominium, it was $345,000. This compares with last year’s median residential and condominium prices of $425,000 and $298,050 respectively.

Inventory at the end of November was 9,757, an increase from 4,732 in November 2021.

"The quick rise in inventory earlier in the year has flattened out as expected,” Jolly added. “Many sellers have postponed their plans to sell and builders are slowing down until interest rates come back down. If we get below 5% rates again toward the end of next year, I expect the demand will increase significantly." 

The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.

The current inventory of properties by category, compared to last year
The current inventory of properties by category, compared to last year
Real Estate
Kadi Brown: 2024 February Market Report
Kadi Brown: 2024 February Market Report
  • 3/14/2024

The housing market is showing signs of healthy activity, according to the latest report for February 2024. Existing home sales have seen a notable increase, marking the most energetic pace since ... more

Chattanooga Housing Authority Awarded $20,000 For Resilience Projects At Emma Wheeler Homes
Chattanooga Housing Authority Awarded $20,000 For Resilience Projects At Emma Wheeler Homes
  • 3/14/2024

Chattanooga Housing Authority has been awarded a grant for the Butterfly Effect Program funded in part by the Open Space Institute, in partnership with Thrive Regional Partnership and support ... more

Lookout Valley Motel Sells For $3,410,101
Lookout Valley Motel Sells For $3,410,101
  • 3/14/2024

The Super 8 by Wyndham in Lookout Valley has sold for $3,410,101. It is located at 20 Birmingham Highway. The sale was to Shivsakti Llc from B R Lookout Hospitality Llc. more