Quotes from the GNAR President:
Sales by Category for August
Less Days on Market
The squeeze on inventory continues to affect days on market for listed properties in the Nashville area. Last August the average DOM was 64 days, compared to only 54 this past August. Also, at the end of the month there were a recorded 3,647 sales pending, compared with 3,062 pending sales at this time last year.
Home Values Are Flat
The median residential price for a single-family home during August was $235,000, and for a condominium it was $169,000. This compares with last year’s median residential and condominium prices of $219,000 and $169,000, respectively.
GNAR President, Cindy Stanton stated that “The median price for residential homes increased over last year while remaining virtually flat compared to last month.” This could be good news for some buyers as she went on to say that “Condominium prices have also remained nearly unchanged compared to this time last year and last month. This stabilization of prices is a healthy indicator for our market.”
Home Inventory by Category
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