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September 2018 TN Home Sales Dip 10%, Prices Rise 3%, Inventory Declines 13%
Third-Quarter 2018: Home Sales -2%, Price +5.2%
There were 6,425 single-family home closings in Tennessee in September 2018, down 728 from a year earlier (-10.2 percent), while the median price ticked up +3.2%, and available homes tightened (-13.2%), according to data compiled by Tennessee REALTORS®.
Sales of single-family homes fell from 7,153 closings to 6,425, the median price grew from $218,000 to $224,900, and available inventory dipped from 24,691 to 21,440 over September 2017.
Condominium sales in September dipped -7.6% (591 closings to 552), while the median condo price fell -6% ($195,100 to $183,450), and condo inventory dropped -9.2% (1,668 to 1,514) over September 2017.
For the third quarter of 2018 (July-Sept.), sales of single-family homes slipped from 23,015 to 22,537 (-2%), and the median price grew from $218,500 to $230,000 (+5.2%). Condo sales eased down for the quarter, 1,894 to 1,832 (-3.3%), while the median condo price rose +2.7% ($187,500 to $192,500).
The tables below summarize Tennessee’s September 2018 data:
| SALES | Sept 2017 | Sept 2018 | Change |
| Single-Family | 7,153 | 6,425 | -10.2% |
| Condominium | 591 | 552 | -7.6% |
| MEDIAN PRICE | Sept 2017 | Sept 2018 | Change |
| Single-Family | $218,000 | $224,900 | +3.2% |
| Condominium | $195,100 | $183,450 | -6% |
| INVENTORY | Sept 2017 | Sept 2018 | Change |
| Single-Family | 25,008 | 22,986 | -8.1% |
| Condominium | 1,636 | 1,627 | -0.5% |
And here are the third-quarter 2018 results:
| SALES | 3rd Q 2017 | 3rd Q 2018 | Change |
| Single-Family | 23,015 | 22,537 | -2% |
| Condominium | 1,894 | 1,832 | -3.3% |
| MEDIAN PRICE | 3rd Q 2017 | 3rd Q 2018 | Change |
| Single-Family | $218,500 | $230,000 | +5.2% |
| Condominium | $187,500 | $192,500 | +2.7% |
Tennessee REALTORS® is one of the state’s largest and most influential trade associations. Consisting of 21 local associations and 28,800+ members, the association provides a variety of services including legislative and regulatory advocacy, professional development, professional-standards training, and transaction-management solutions. To learn more, visit www.tnrealtors.com.
