Nashville Real estate for sale and market report - We are finally showing signs to slowing sales due to a shortage of inventory. With 3741 closings for the month of August compared to 3770 in August of 2015,we have the first month without sales growth in years. That didn't keep the prices from rising, the median sales price for Nashville homes increased 7.65% to $253,000 year over year and the median price for Nashville condos increased 12% to $189,000. The reason is that the inventory of available homes dropped 6% year over year, making Nashville real estate compete for homes.
- the absorption rate of Nashville homes based on August sales is less than 3 months
- the average days on market for homes sold was 51 days
- the median price of homes sold was $253,000 compared to $235,000 the previous August an increase of 7.65%
- the absorption rate of Nashville condos is 2 months based of August sales and available inventory
- the median sales price of Nashville condos increase 12% year over year to $189,000
- 437 Nashville condos sold during the month of August
Nashville real estate is in a very active sellers market with inventory levels shrinking on a monthly basis, driving up the prices of homes and condos to record prices. With the shortage of available lots and the expected growth in the area, I expect this trend to continue for several years.
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