August 2017 Home Sales Inch Up, Prices Rise, Inventory Still Tight

2017-09-11T21:21:39+00:00 September 11th, 2017|

In line with recent trends, home sales across Tennessee ticked up 1.9 percent (7,603 closings to 7,745) in August 2017, the median price continued rising steadily, 9.8 percent ($198,000 to $217,500), and available homes kept falling, –24.3 percent (28,635 to 21,292) over August 2016, according to data compiled by Tennessee REALTORS®.

Condo sales took a slightly different tack, falling -10.4 percent (791 closings to 709), even as the median condo price gained +11.4 percent ($166,000 to $185,000), and inventory fell almost one-third, -32% (2,213 to 1,511) over August 2016.

The tables below summarize the August 2017 results in sales, price and inventory.

August’s breakdown by Tennessee’s three Grand Divisions—Western, Middle and Eastern—shows similar trends in slightly rising home sales, median-price gains, and lower inventory. (See the chart at bottom for detailed figures by division.)

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