August 2018 TN Housing Report

2018-09-25T09:31:49+00:00September 25th, 2018|

August 2018 Yr.-to-Yr. Home Sales Steady, Prices Up, Inventory Down in Tennessee
Home Sales +0.4%, Price +8.1%, Inventory -8.1%

There were 8,123 single-family home closings in Tennessee in August 2018, up 39 from a year earlier (+0.4 percent), while the median price ticked up +8.1% and available homes continued to tighten at a slower rate than previous months (also +8.1%), according to data compiled by Tennessee REALTORS®.

Sales of single-family homes were flat, from 8,084 closings to 8,123, the median price grew from $215,000 to $232,500, and available inventory fell from 25,008 to 22,986 from August 2017.

Condo sales held steady, -0.1 percent (671 closings to 663), while the median condo price rose +1 percent ($187,900 to $190,000), and condo inventory was stable at -0.5 percent (1,636 to 1,627) over August 2017.

The tables below summarize Tennessee’s August 2018 data:

SALES Aug 2017 Aug 2018 Change
Single-Family 8,084 8,123 +0.4%
Condominium 671 663 -0.1%

 

MEDIAN PRICE Aug 2017 Aug 2018 Change
Single-Family $215,000 $232,500 +8.1%
Condominium $187,900 $190,000 +1%

 

INVENTORY Aug 2017 Aug 2018 Change
Single-Family 25,008 22,986 -8.1%
Condominium 1,636 1,627 -0.5%

 

This chart breaks down August 2018 market data by the state’s three Grand Divisions (Western, Middle, Eastern):

Tennessee REALTORS® is one of the state’s largest and most influential trade associations. Consisting of 21 local associations and 28,500+ 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.

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