A Solid July 2024 Performance for the Greater Nashville Housing Market

The local housing market continues to improve from a stagnant performance in Year 2023. July 2024 data, per the Greater Nashville REALTORS®, reported all key segments improved M-T-M, as well as Y-T-Y; except for pending sales.

MARKET CONDITIONSMIDDLE TENNESSEEGREATER NASHVILLE

Kenneth Bargers

8/8/20242 min read

A Solid July 2024 Performance for the Greater Nashville Housing Market

article by Kenneth Bargers | 08082024

Kenneth’s update 08082024… The local housing market continues to steadily improve from a stagnant performance in Year 2023. July 2024 data, per the Greater Nashville REALTORS®, reported all key segments improved M-T-M, as well as Y-T-Y; except for pending sales.

Closed transactions, inventory, values for single family dwellings and condominium classifications increased for the month of July. The real estate process improved with 42 days on the market. Pending sales, though respectable, were down by 150 contracts, M-T-M.

Mortgage Rates continue to heavily influence the local housing market’s productivity and current buyer confidence when pursuing a home purchase. The below chart, courtesy of Mortgage News Daily, demonstrates the steady and overall slight decline in rates for the period of July 1, 2024 through August 7, 2024. The chart provides average 30-year fixed mortgage rates from several different surveys including Mortgage News Daily (daily index), Freddie Mac (weekly survey), Mortgage Bankers Association (weekly survey) and FHFA (monthly survey).

More choices abound and the mortgage rates are consistent - it is a great time to buy or sell! Should you jump into the real estate market? Contact your trusted lender to evaluate your home buying power dollars, and your favored REALTOR® to discuss the current conditions and take advantage of the home buying and selling process.

The Greater Nashville REALTORS® recently released a report for the month ending July 31, 2024, as follows: There were 3,166 closings; 2,551 pending sales; 11,844 inventory; 42 days on the market; and the median price for single-family dwellings of $506,750, and $359,900 for condominium classifications. The data collected for this release represents nine Middle Tennessee counties: Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson, and Wilson.

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Pending home sales – Pending Home Sales is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales is not identical for all home sales.