There were 4,257 home closings reported for the month of June, according to figures provided by Greater Nashville REALTORS®. This indicates an 8 percent decrease from the 4,649 closings reported for the same period last year.
“Market activity decreased significantly as rates rose 200 basis points since the start of the second quarter,” said Steve Jolly, Greater Nashville Realtors president. “While many expect doom and gloom, returning to normal interest rates and levels of activity is healthy for the Nashville real estate market.
Prices remain strong for sellers, while buyers have more time to find the right property and may be able to negotiate for more items like property repairs and closing costs.”
Data for the second quarter of 2022 showed 12,057 closings, down six percent from the 12,831 closings during the second quarter of 2021.
There were 3,245 sales pending at the end of June, compared to 3,608 pending sales at this time last year. The average number of days on the market for a single-family home was 24 days.
The median price for a residential single-family home was $495,070 and for a condominium, it was $348,150. This compares with last year’s median residential and condominium prices of $415,000 and $292,570 respectively.
Inventory at the end of June was 7,370, up from 4,615 in June 2021.
“While residential sales have slowed when compared to last year, condo sales have increased 3.8 percent,” Jolly added. “Instead of waiting on the sidelines, some buyers are opting to purchase more affordable condominiums and townhomes to take advantage of price appreciation now. If you’ve been frustrated over the last two years, it’s time to call your trusted Realtor and take another look at the Nashville market.”
