State’s home sales dip, median price rises, and inventory stays tight
Single-family home sales in Tennessee decreased a modest -2.7 percent in September (7,021 closings to 6,834), the median price rose +14 percent ($193,000 to $220,000), and available inventory fell -23.1 percent (27,450 to 21,097) over September 2016, according to data compiled by Tennessee REALTORS®.
Condominium statistics showed sharper changes, as condo sales dropped -9.6 percent (681 closings to 615), the median condo price rose +16.9 percent ($162,500 to $189,900), and condo inventory tightened by -28.2 percent (2,140 to 1,536) over September 2016.
For the third quarter of 2017 (July-September), home sales showed a slight uptick of +1.5 percent (22,033 closings to 22,370) while the median price rose +10 percent ($193,000 to $220,000) over third-quarter 2016.
“Once again, the housing numbers for September and the third quarter reflect the vibrancy of Tennessee’s economy, both in a demand for homes and in rising prices, balanced against the ongoing challenge of low inventory,” said Nashville-area broker and REALTOR® Brian Copeland, 2017 President of Tennessee REALTORS®.
“While the market remains most friendly to sellers, homebuyers can find a good fit for them with the right help and guidance—and with a bit of extra patience and persistence,” Copeland said.
The September and third-quarter breakdown by Tennessee’s three Grand Divisions — Western, Middle and Eastern — showed trends similar to the overall numbers, except:
• Middle Tennessee home sales rose +3.4 percent in September, while the other two divisions showed marginal decreases in sales.
• For the third quarter, home sales rose slightly in the Middle and Western divisions, while dropping slightly in the Eastern division.