NASHVILLE, Tenn. (WKRN) — An unusual housing trend spotted in the Greater Nashville area – home sales are down.
There were 4,022 home closings in the Greater Nashville area reported for the month of September, according to Greater Nashville REALTORS®. That represents an 8% decrease compared to the 4,388 closings in September 2020.
“We are in a small fall lull,” Brian Copeland said, President of Greater Nashville REALTORS. “We will be in this lull until January, but that doesn’t mean you shouldn’t be listing your home. The stock numbers show this is the great time to list.” Copeland added that one of his realtor friends calls this period the “fall yawn.”
Those numbers show there were 3,639 sales pending at the end of September, compared with 3,799 pending sales at this time last year. The average number of days on the market for a single-family home was 23 days.
The median residential price for a single-family home during September was $414,583, and for a condominium, it was $298,000. This compares with last year’s median residential and condominium prices of $348,000 and $245,000, respectively.
“The price increases should be a clear message to buyers to jump in now before they go even higher,” Copeland said. “Prices are not stopping and interest rates are at an all-time low. Although it may be a stressful market, you absolutely need to jump in now before we’re sitting here in 2022 with the numbers going even higher.”
Inventory at the end of September was 5,307, a decrease from 7,847 in September 2020.
Nashville inventory continues to struggle due to the number of people buying homes right now — especially Millennials.
“They’re now 25-40 years old entering this housing market in the city like we’ve never seen before. We’ve also got baby boomers who are the second-largest generation still thriving in Music City. Those two together have created a storm of inventory crisis,” Copeland said.
The data from Greater Nashville REALTORS represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.