Dropping inventory and increasing home prices continues to be the norm in the Tennessee residential real estate market, with Middle Tennessee continuing to lead the state in home value.
In line with recent trends, home sales across Tennessee ticked up 1.9 percent (7,603 closings to 7,745) in August 2017; the median price continued rising steadily, 9.8 percent ($198,000 to $217,500); and available homes kept falling, -24.3 percent (28,635 to 21,292) over August 2016, according to data compiled by Tennessee REALTORS®.
Middle Tennessee’s median single-family home price rose from $225,397 in Aug. 2016 to $252,600 this past August. That compares to a median sale price of $185,990 in East Tennessee last month, and a median of $160,000 in West Tennessee.
Statewide, condo sales took a slightly different tack, falling -10.4 percent (791 closings to 709), even as the median condo price gained +11.4 percent ($166,000 to $185,000), and inventory fell almost one-third, -32% (2,213 to 1,511) over August 2016.
The median condo price last month was $200,000 in Middle Tennessee, $172,500 in East Tennessee, and $122,500 in West Tennessee.