It’s been a scorching hot year for the Nashville real estate market so far, but for just the second time in the past 12 months, home sales in Middle Tennessee were on the decline last month. According to recently released numbers from The Greater Nashville Association of Realtors, the market saw 3,705 home closings in July, which is down 3.3% from July of 2015. The last drop in sales came all the way back in November when the number of transactions was also down just over 3% as well.
For the most part, the recent dip in Nashville home sales is hardly a concern. The number of pending sales in the Nashville area is still at a high level, and the incredible pace at which we’ve been seeing homes sell in Nashville and many of its suburbs wasn't going to continue forever. Increased home prices over the first half of 2016 is likely also contributing to fewer homes being sold last month, and traditionally, the summer season usually sees somewhat of a more relaxed market anyway.
As of last month, the median sold price for a single-family home in Nashville was $267,000, which is not only a record, but up from $234,900 compared to July of 2015. Sold condo prices have also seen a substantial increase since a year ago, with the median sold price up from $161,500 to $189,986.
And despite the number of sales dropping in July, the number of pending sales going into August is up from 2015, totaling 3,724 compared to 3,708 from last year.