The Nashville area saw 3,459 home closings in July, a 19 percent decrease from the mark of the same month in 2021.
According to a Greater Nashville Realtors release, there were 2,682 sales pending at the end of July, compared to 3,365 pending sales following the same month last year.
For comparison, the Nashville area saw 4,257 home closings in June, an 8 percent decrease from the mark of June 2021.
For the area, there were 3,245 sales pending at the end of June, compared to 3,608 pending sales at this time last year.
The average number of days on the market for a single-family home was 28 days. The June figure was 24 days.
The median price for a residential single-family home in July was $490,000; for a condominium, $347,745. This compares with July 2021’s median residential and condominium prices of $415,075 and $292,735, respectively.
Inventory continues to rise. At the end of July, the mark was 8,957, up from 5,097 in the same month of last year. Inventory at the end of June was 7,370, up from 4,615 in June 2021.
“While a 19 percent volume decrease year-over-year seems like a huge number, last year was the hottest real estate market in Nashville's history,” Steve Jolly, Greater Nashville Realtors president, said in the release. “Slowly transitioning to a more balanced market is healthy for Nashville and Middle Tennessee.
“The supply of homes has increased, but not enough to significantly affect the momentum of the market,” Jolly added. “That's good news as prices are holding steady even with the supply increasing. I expect prices to rise again when rates get close to 5 percent consistently.”
Forbes.com reports the current average rate on a 30-year fixed mortgage is 5.66 percent, compared to 5.27 percent the previous week.
The GNR data collected was taken from Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson counties.