Home sales decrease in Nashville during September; Williamson shows slight dip year to date

Home sales decrease in Nashville during September; Williamson shows slight dip year to date

There were 3,258 home closings in the Greater Nashville Region reported for the month of September, according to figures provided by Greater Nashville REALTORS®.

This figure represents an 8 percent decrease compared to the 3,544 closings in September 2017. The drop was not as significant in the figures for year to date sales through the third quarter, with 8,139 sales closed in Davidson County, compared to 8,139 for the first three quarters of 2018.

“When looking at a breakdown of sales by county for the year through the third quarter, Davidson County shows consistent numbers, with only a half of 1 percent drop-in single-family sales and a gain of 2 percent in condo sales,” Greater Nashville REALTORS® President Sher Powers said in a press release reporting the figures. “Dickson, Maury, Robertson and Rutherford counties all showed solid increases in sales.”

Williamson County also had a year-over-year decrease, but it was less than one percent. However, of all suburban counties, only Cheatham, Sumner and Williamson had sales decreases for the three quarters of 2018.

Region-wide data through the third quarter of 2018 showed 11,031 closings, down 2.4 percent from the 11,299 closings during the same period of 2017.

“Sales slowing is typical for this time of year, though this decrease can be reflected by the limited number of entry-level single-family homes entering the market, even with a 32.7 percent rise in inventory for the region since September of last year,” Powers said. “The larger inventory offers a great opportunity for buyers and investors to negotiate and avoid multi-offer scenarios while encouraging sellers to be mindful of pricing and features offered.”

There were 2,662 sales pending in Nashville and surrounding counties at the end of September, compared with 3,914 pending sales at this time last year. The average number of days on the market for a single-family home was 30 days.

The median residential price for a single-family home during September was $290,000 and for a condominium it was $218,150. This compares with last year’s median residential and condominium prices of $280,000 and $223,450 respectively.

Inventory at the end of September was 12,415, an increase from 9,358 in September 2017.

In Williamson County, there were 4,167 single family home sales through the third quarter of 2018, compared to 4,207 during the same period of 2017. There were 291 condominium sales, compared to 295 in the first three quarters of 2017.

The median sales price for a Williamson County single family home in the first nine months of 2018 was $495,000, compared to $462,000 in 2017; and $270,275 for a condominium, compared to $249,000 through the third quarter of 2017.

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