There were 3,459 home closings in the Greater Nashville Region reported for the month of July, according to figures provided by Greater Nashville Realtors. This indicates a 19 percent decrease compared to the 4,314 closings in July 2021.
"While a nineteen percent volume decrease year-over-year seems like a huge number, last year was the hottest real estate market in Nashville's history,” said Steve Jolly, Greater Nashville Realtors president. “Slowly transitioning to a more balanced market is healthy for Nashville and Middle Tennessee."
There were 2,682 sales pending at the end of July, compared to 3,365 pending sales at this time last year. The average number of days on the market for a single-family home was 28 days.
The median price for a residential single-family home was $490,000 and for a condominium, it was $347,745. This compares with last year’s median residential and condominium prices of $415,075 and $292,735 respectively.
Inventory at the end of July was 8,957, up from 5,097 in July 2021.
The current inventory of properties by category, compared to last year, is:
"The supply of homes has increased, but not enough to significantly affect the momentum of the market,” Jolly added. “That's good news as prices are holding steady even with the supply increasing. I expect prices to rise again when rates get close to five percent consistently."