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 2015||October 2016|
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.
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 2016||July 2017|
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