There were 2,493 home closings in the Greater Nashville Region reported for the month of November, according to figures provided by Greater Nashville Realtors. This figure is down 38 percent compared to the 4,027 closings in November 2021.
“If inflation holds steady, expect the prices to do the same through the winter months,” said Steve Jolly, Greater Nashville Realtors president. “Many experts predict more interest rate increases in the short term and a return to lower rates by the end of 2023.”
A comparison of sales by category for November is:
There were 1,776 sales pending at the end of November, compared to 3,112 pending sales at this time last year. The average number of days on the market for a single-family home was 41 days.
The median price for a residential single-family home was $460,000 and for a condominium, it was $345,000. This compares with last year’s median residential and condominium prices of $425,000 and $298,050 respectively.
Inventory at the end of November was 9,757, an increase from 4,732 in November 2021.
The current inventory of properties by category, compared to last year, is:
“The quick rise in inventory earlier in the year has flattened out as expected,” Jolly added. “Many sellers have postponed their plans to sell and builders are slowing down until interest rates come back down. If we get below 5% rates again toward the end of next year, I expect the demand will increase significantly.”
About Greater Nashville REALTORS®
Greater Nashville REALTORS® is 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.