Data for the month of November showed 2,383 home closings, according to figures provided by Greater Nashville Realtors. This figure indicates a four percent decrease from the 2,493 closings reported for the same period last year. In November 2019, there were 3,232 closings reported.
“Higher interest rates are still having an effect on the real estate market in Greater Nashville and nationally,” said Brad Copeland, Greater Nashville Realtors president. “This market correction has allowed our inventories to return to pre-pandemic levels, which should further stabilize our market as the Fed eases up on interest rates and see those fall in the first quarter of 2024.”
A comparison of sales by category for November is:
There were 1,896 sales pending at the end of November, compared to 1,776 pending sales at this time last year. In November 2019, there were 2,801 sales pending. The average number of days on the market for a single-family home in November was 43 days.
The median price for a residential single-family home was $470,495 and for a condominium, it was $348,510. This compares with last year’s median residential and condominium prices of $460,000 and $345,000 respectively. In 2019, the median price for a residential single-family was $322,500 and for a condominium, it was $242,900.
Inventory at the end of November was 10,045. This figure indicates a three percent increase from the 9,757 active listings reported for the same period last year. In November 2019, inventory was 10,841.
Currently, there are three and a half months of available inventory in the Greater Nashville region.
The current inventory of properties by category, compared to last year, is:
“We expect that they buyer pool, with their pent up need to purchase a home, will return to market with vigor after sitting on the sidelines for most of 2023,” Mr. Copeland added.