Nearly 3,900 residential properties in the Nashville area sold last month, which was good enough to represent a 3.8% jump compared to August of 2016, and also the highest sales volume for any month of August over the last 10 years.
On the home value side of things, the median price for a single-family home actually dropped slightly for a second consecutive month to $285,000, but for anybody who may still be in the market for a Nashville condo right now, beware, because the median price soared to its highest level on record and now sits at $207,061.
Inventory for entry-level and first-time buyer price ranges is extremely slim right now, which is perhaps the primary reason why condo prices all over Middle Tennessee are continuing to rise. Furthermore, even single-family inventory in Nashville remains tight, with the latest figure showing less than a two-months supply.
Year-to-date through the end of August, 27,248 residential properties have closed in Nashville, which is actually up 5.2% compared to the first eight month of 2016.