Nashville real estate - Sales for August 2008 were down 32.3 percent for homes in the greater Nashville area compared to August 2007, and down 8 percent from July 2008 at 2273 closings. Prices of homes sold were down 6.8 percent for single family homes to $177,500 compared to $189,719 in 2007. The average days on market for sold homes was 79 days.
The greater Nashville association of realtors reported that the inventory for Nashville real estate single family homes rose from 15,172 in 2007 to 15,636 in 2008, a very slight increase of 3 percent. The inventory levels of condos has increased 5 percent to 2575, and the inventory levels of Farms/Land/Lots has increased 44 percent to 6369, which is probably a good indication that builders are not building, and lots are not being purchased.
Nashville real estate is still very healthy. Prices of homes has weakened compared to 2007, but the inventory levels remain consistent, and days on market at 79 is still very good compared to most of the country. With favorable interest rates, and available lending in place, the Nashville real estate market should start to gain momentum.
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