TN Home Sales Drop 8.6%, Prices Rise 5.6%, Inventory Declines 9.1%

2018-12-10T14:12:13+00:00December 10th, 2018|

[See all TN housing data, including the current month’s, on THIS PAGE.] 

There were 6,031 single-family home closings in Tennessee in November 2018, down 566 from a year earlier (-8.6 percent), while the median home price rose +5.6% ($215,000 to $227,000) and available inventory of homes tightened -9.1% (23,425 to 21,284), according to data compiled by Tennessee REALTORS®.

Condo sales in November rose +2.0% (514 closings to 524), while the median condo price climbed +5.6% ($189,450 to $200,000), and condo inventory ticked down -1.8% (1,599 to 1,570) over November 2017.

“Tennessee’s housing market remained active in November despite an anticipated tightening of closings as we moved toward colder weather and the holiday season,” said Kathy Tucker, 2019 President of Tennessee REALTORS®. “Home prices stayed on their course of measured growth, while the decline in available homes continued to ease up. Market conditions remain healthy but challenging. REALTORS® across the state are committed to helping our sellers and buyers in the most complex transactions that most of them will ever make.”

The tables below summarize Tennessee’s November 2018 data:

CLOSINGS Nov 2017 Nov 2018 Change
Single-Family 6,597 6,031 -8.6%
Condo 514 524 +2.0%

 

MEDIAN PRICE Nov 2017 Nov 2018 Change
Single-Family $215,000 $227,000 +5.6%
Condo $189,450 $200,000 +5.6%
 

 

   

 

INVENTORY Nov 2017 Nov 2018 Change
Single-Family 23,425 21,284 -9.1%
Condo 1,599 1,570 -1.8%

 

Tennessee REALTORS® is one of the state’s largest and most influential trade associations. Consisting of 21 local associations and 29,000+ 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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