The Nashville area saw 2,824 home closings in October — a 30 percent decrease from the mark of the same month in 2021 — with residential properties requiring more time to sell than previously had been the case.
The drop follows a September that recorded 3,478 home closings, down 13.5 percent from the September 2021 figure.
According to a Greater Nashville Realtors release, there were 2,003 sales pending at the end of October, compared to 3,976 pending sales following the same month last year. Pending sales were down significantly in September, too.
The average number of days on the market for a single-family home was 39. Until recently, the monthly days-on-the-market figures consistently had been in the high 20s.
The median price for a residential single-family home in October was $478,000; for a condominium, $346,510. This compares with October 2021’s median residential and condominium prices of $429,900 and $295,900, respectively.
Inventory continues to rise. At the end of October, the mark was 10,128, up from 5,260 for the same month of last year.
Steve Jolly, Greater Nashville Realtors president, said higher interest rates for home loans (the current average rate for a 30-year fixed mortgage is more than 7 percent) is a factor.
“The recent rise in interest rates is playing a factor in declining sales, but there’s still plenty of options for buyers to get into the market today,” Jolly said in the release. “[But] an increase in inventory and days on market is good news for buyers. This gives first-time homebuyers more time to consider their options. And with less competition, multiple offer situations are no longer the norm.”
The GNR data collected was taken from Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson counties.