Middle Tennessee Housing Market: Housing Inventory Continues to Climb To Welcome the Summer

Middle Tennessee Housing Market: Housing Inventory Continues to Climb to Welcome the Summer Months

Kenneth’s update 06072024… Summer is here, and the overall M-T-M key reporting segments continue to improve or maintain statistically insignificant change except for the *pending home sales with a noticeable decline. Closings and inventory increased from the previous month, as the real estate process improved to 44 days on the market. Home values reported an insignificant change as single-family dwellings slightly decreased, and the condominium classification slightly increased.

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 May 31, 2024, as follows: There were 3,509 closings; 2,695 pending sales; 10,670 inventory; 44 days on the market; and the median price for single-family dwellings of $499,996, and $351,000 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.

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