Is the Nashville Real Estate Market Starting to Slow Down?

After a very busy start to 2016, home sales were still on the rise in the Nashville area, but not by much. Check out the latest market update for June 2016.

Is the Nashville Real Estate Market Starting to Slow Down? Close
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Is the Nashville Real Estate Market Starting to Slow Down?

Posted by Gary Ashton: Blog on Tuesday, July 12th, 2016 at 10:20am.

Nashville Real Estate Market UpdateWhile Nashville-area home sales were up again last month compared to June 2015, the growth rate wasn't quite as significant as what we’ve seen throughout the first half of 2016. In total, the Nashville region saw 3,869 home sales in June, or about a 1.7% spike compared to the same month last year.

As you might recall, the Nashville area saw 3,698 closings back in May, which was close to a 4% increase compared to May 2015. Furthermore, the year-to-year comparison in April was significantly higher than in both May and June, showing what was almost a 12% spike from April 2015 to April 2016.

A closer look at market conditions also reveals that despite home sales starting to slow down a bit, home prices around Nashville continue to rise. According to the Greater Nashville Association of Realtors, the median price for a sold single-family home in June was $260,148, up from $240,000 in 2015.

Condo prices in Nashville also saw a big jump, with the median price last month recorded at $186,495. In June of 2015, the median price for a Nashville condo was $172,500. So far in 2016, the entire Nashville region has seen 18,452 closings, a 7.2% increase compared to the first half of 2015.

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