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Average Home Price in Nashville Drops in July

Posted by Scott Layson on August 24, 2017
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Is this the beginning of home prices starting to stabilize in the Nashville area? It’s probably a little to early to tell, but the latest report by the Greater Nashville REALTORS® shows that the average home price actually decreased by about $5,500 from June to July.

Let’s keep in mind though that the average sales price for single family homes in July was $288,243, which is still an 8% increase over last year’s July average of $267,000…….Not quite the 10% increase year over year that we have become accustomed to in Nashville, but still fairly impressive.

 

 

Real Estate Closings by Category

October 2015October 2016
CLOSINGS3,0303,324
 Residential2,5192,758
 Condominium328377
 Multi-Family1816
 Farms/Land/Lots165173

Quotes From GNAR President

“It’s far too soon to tell if the drop in median price from June to July is evidence of a trend. It’s very likely there were proportionally more ‘starter’ homes sold in July than the number of starter homes sold in June. My experience is that different sectors of the market are more engaged and less-engaged at different times of the year.”

“Affordability is a serious issue, but it’s not the sole issue affecting our housing market,” said Troxel. “It’s imperative we as residents, Realtors, businesses and a community work together to find solutions for matters like transit and continue to support our education systems.

What’s Pending?

It’s a positive sign that we are still seeing very strong movement in the market. There was a 13% increase in pending homes sales as July saw 3,887 homes under contract at the end of the month, compared to the 3,426 pending this time last year. Also, the average number of days on the market for a single-family home was just 25 days.

Nashville Home Inventory by Category

July 2016July 2017
INVENTORY10,1339,151
 Residential6,5226,177
 Condominium577513
 Multi-Family8667
 Farms/Land/Lots2,9482,394

Thinking about buying or selling a home in Nashville?

Feel free to connect with us.  As local experts, we help our clients find the right house in this hot Nashville market and sell their home quicker than the industry average.

 

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