Buyer Demand Persists in Middle Tennessee Housing Market

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Data for the month of September showed 2,807 home closings, according to figures provided by Greater Nashville Realtors®. This figure indicates a 19 percent decrease from the 3,478 closings reported for the same period last year. In September 2019, there were 3,701 closings reported.

Data for the third quarter of 2023 showed 9,113 closings, a 13 percent decrease from the 10,503 closings during the third quarter of 2022. In September 2019, there were 12,030 closings reported during the third quarter.

“Despite another interest rate hike, demand in the Greater Nashville region remains strong,” said Brad Copeland, Greater Nashville Realtors president. “Condo prices saw a 3% increase compared to last year while single-family home prices held within 1.5% of last year.

A comparison of sales by category for September is:

september 2023 real estate stats
From Greater Nashville Realtors

A comparison of sales by category for the third quarter/year-to-date is:

september 2023 real estate stats
From Greater Nashville Realtors

There were 2,277 sales pending at the end of September, compared to 2,458 pending sales at this time last year. In September 2019, there were 3,181 sales pending. The average number of days on the market for a single-family home in September was 47 days.

The median price for a residential single-family home was $468,410 and for a condominium, it was $344,995. This compares with last year’s median residential and condominium prices of $475,000 and $335,000, respectively. In 2019, the median price for a residential single-family was $318,000 and for a condominium, it was $236,000.

There were 9,896 active listings reported for the month of September, according to figures provided by Greater Nashville REALTORS®. This figure indicates a 1 percent increase from the 9,765 active listings reported for the same period last year. In September 2019, inventory was 11,447.

Currently, there are 3.4 months of available inventory in the Greater Nashville region.

The current inventory of properties by category, compared to last year, is:

september 2023 real estate stats
From Greater Nashville Realtors

“Now is a good opportunity for buyers to take advantage of the current market to negotiate rate buy-downs from sellers,” Copeland added. “With rising interest rates, some lenders are even offering low-cost to no-cost refinancing options to help potential buyers get into their future home.”

About Greater Nashville REALTORS®
One of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of Realtors® and subscribe to its strict code of ethics.

The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.

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