Nashville Real Estate – October 2018

Nashville real estate  – Home sales are moving a little bit slower now with the rising interest rates and higher prices being the most logical reason for the change. Whatever it is, it’s taking longer to sell homes now that it did last year, but we still are far from being a balanced market with an absorption  rate of only 3 months. The median price of homes sold in September increased 3.5% year over year to $290,000 according the Greater Nashville association of Realtors.

• 2732 homes closed during the month of September compared to 3008 for the same month last year
• 8847 homes are currently listed for sale and not under contract in the Nashville MLS
• the median price of Nashville homes sold was $290,000 compared to $280,000 the previous September
• the absorption rate of homes based on September sales and current inventory is still only 3 months
• The median price of Nashville condos decreased 2.4% to $218,150
• The absorption rate of condos in Nashville based on September sales and the current inventory is less than 3 months

Nashville real estate is still in an active sellers market with most of the more affordable homes selling quickly, but the higher priced homes are now available for longer periods of time. The market is shifting back to a balanced market as more people are having second thoughts about moving when they have to give up their low interest rate mortgages for one that will likely be at a higher interest rate.

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information on this page is based on information on single family homes for sale in Nashville per the Nashville Multiple Listing Services, Inc. and is deemed reliable but, not guaranteed.