Sept. ’17: Sales -2.7%, Price +14%, Inv. -23.1%

3rd Quarter ’17: Sales +1.5%, Price +10%

Single-family home sales in Tennessee decreased a modest -2.7 percent in September (7,021 closings to 6,834), the median price rose +14 percent ($193,000 to $220,000), and available inventory fell -23.1 percent (27,450 to 21,097) over September 2016, according to data compiled by Tennessee REALTORS®.

Condominium statistics showed sharper changes, as condo sales dropped -9.6 percent (681 closings to 615), the median condo price rose +16.9 percent ($162,500 to $189,900), and condo inventory tightened by -28.2 percent (2,140 to 1,536) over September 2016.

For the third quarter of 2017 (July-September), home sales showed a slight uptick of +1.5 percent (22,033 closings to 22,370) while the median price rose +10 percent ($193,000 to $220,000) over third-quarter 2016.

“Once again, the housing numbers for September and the third quarter reflect the vibrancy of Tennessee’s economy, both in a demand for homes and in rising prices, balanced against the ongoing challenge of low inventory,” said Nashville-area broker and REALTOR® Brian Copeland, 2017 President of Tennessee REALTORS®.

“While the market remains most friendly to sellers, homebuyers can find a good fit for them with the right help and guidance—and with a bit of extra patience and persistence,” Copeland said.

The tables below summarize Tennessee’s September 2017 housing market in sales, price and inventory:

Sept. 2016 Sept. 2017 Change
SALES 7,702 7,449 -3.3%
Residential 7,021 6,834 -2.7%
Condominium 681 615 -9.6%

 

Sept. 2016 Sept. 2017 Change
MEDIAN PRICE – – –
Residential $193,000 $220,000 +10%
Condominium $162,500 $189,900 +16.9%

 

Sept. 2016 Sept. 2017 Change
INVENTORY 29,590 22,633 -23.5%
Residential 27,450 21,097 -23.1%
Condominium 2,140 1,536 -28.2%

 

The September and third-quarter breakdown by Tennessee’s three Grand Divisions—Western, Middle and Eastern—showed trends similar to the overall numbers, except:

  • Middle Tennessee home sales rose +3.4 percent in September, while the other two divisions showed marginal decreases in sales.
  • For the third quarter, home sales rose slightly in the Middle and Western divisions, while dropping slightly in the Eastern division.

(See the charts below for detailed figures by division for September and the third quarter of 2017.)