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August housing sales in the Nashville area were down compared to a year ago, following a monthslong trend.
According to new data from the Greater Nashville Realtors, the region saw 3,566 closings last month, a year-over-year decrease of 16%. Of those closings, 2,806 were single-family homes and 578 were condominiums.
“While homes sales were down over our record-breaking volume from the same month last year, they increased 3.1 percent over July 2022,” Steve Jolly, president of Greater Nashville Realtors, said in a news release. “This should be comforting to consumers who now see the resiliency of the Nashville real estate market. Buyers continue to purchase condos at a greater pace than last month and last year signaling strong demand at entry-level prices.”
In July, the region saw 3,459 closings, 2,794 single-family homes and 486 condominiums.
Inventory at the end of August stood at 9,302, a significant increase from 5,246 a year ago but still below pre-pandemic levels.
The median price for a single-family home sold in August was $475,000, up from $415,000 a year ago. The median price for a condo unit was $349,595, up from $290,400.
The Nashville area ended August with 2,992 sales pending, compared to 3,628 pending sales at this time last year.
“Inventory appears to be settling down at a level last seen in June 2020,” Jolly said. “Until rates fall below five percent consistently, I expect buyers will continue to have more choices and less competition which is healthy for our real estate market.”
Greater Nashville Realtors’ data covers nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.
