Rising prices and tight inventory are affecting residential real estate sales across Tennessee.
During January 2019, there were 4,460 single-family home sales in Tennessee, down -7% from 4,799 a year earlier; while the median home price was $227,700, up +8% from $209,500; and the inventory of available homes slipped -10%, from 20,619 to 18,565, according to datacompiled by Tennessee REALTORS ®.
Condominium sales in January 2019 ticked up from a year earlier, +15% from 173 to 199, while the median condo price rose +2.8%
($145,000 to $149,000), and condo inventory fell -21.4% (851 to 669).
“January’s numbers reflect recent trendlines in Tennessee as the market remains filled both with challenges and with opportunities,” said
Kathy Tucker of Chattanooga, 2019 President of Tennessee REALTORS ®. “Inventory has remained tight in many parts of the state as prices have continued to rise. It’s wise for Tennesseans to keep these factors in mind as they embark on the process of buying or selling a home.”
Middle Tennessee continues to have the highest median home price as well as the most sales activity when compared to the Western and Eastern grand divisions of the state.
The Middle Tennessee median price for a single-family home in January, 2019 was $264,900 based on 2,319 closings, compared to a median price of $244,900 for 2,415 homes sold in January, 2018.
The January, 2019 median price of a single-family home in East Tennessee was $197,000 based on 1,279 sales, and in West Tennessee, $162,050, based on 862 closings.