Nashville Area Faces 13 Percent Drop in Home Sales Year Over Year
Home Sales Take a Tumble
The Nashville area observed a noticeable decrease in home sales for the month of June 2024, with home closings witnessing a 13 percent plunge as compared to the same period in the previous year. In concrete terms, a total of 3,042 homes were noted to have changed ownerships during June 2024, as opposed to the 3,533 residences that were sold in June 2023.
A Spike in Median Price
On the flip side, there was an increase in the median price for single-family homes for June 2024, with the figure surpassing the half a million mark to settle at $505,000. This marked an escalation from the previous month’s median home price of $499,996. Importantly, this is the second time the area’s median price has crossed over $500,000, with April 2024 also recording the same price.
Condo Prices Follow Similar Trends
A similar pattern was perceived in the median prices for condominiums in the region during June. The price reached $345,000, presenting a significant increase from the same period last year when it was at $330,000. Nonetheless, there was a marginal decrease from the previous month of May when the median condo price stood at $351,000.
Inventory and Pending Sales
Delving deeper into the figures, the total number of sales pending at the end of June was 2,703, compared to the 2,894 observed in June 2023. Moreover, inventory experienced a surge of 15 percent, reaching a total of 11,255 at the end of June 2024, up from the 9,594 active listings reported for the same period in 2023. Consequently, the area currently has a 3.5-month supply of inventory.
Market Trends
The average number of days on the market for a residence sold in June was not disclosed in the stats. However, for the first half of the year, the number remained steady with figures hovering around 44 days for a single-family home sale in May, 46 in April, 52 days in March, 59 in February, and 57 days in January. Contrarily, homes sold during 2023 often took 40 days or less to be off the market.
Market Insights and Predictions
Insights gathered from the market confirmed that despite the drop in home sales in June, they remained steady for the first half of the year. This decrease was mainly attributed to the robust property values combined with current fiscal policies. It was noted that listings have increased by 15 percent, providing ample options for prospective buyers. In addition, the residential sales prices have risen by 6 percent year over year, signifying robust demand, buyers’ willingness to invest more, and high overall market confidence.
Area Documentation
The states included in this data assessment were Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson, and Wilson.
