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TN Home Sales Down 7% in January 2019; Median Price Rises 8%, Inventory Declines 10%
During January 2019, there were 4,460 single-family home sales in Tennessee, down -7% from 4,799 a year earlier; while the median home price was $227,700, up +8% from $209,500; and the inventory of available homes slipped -10%, from 20,619 to 18,565, according to data compiled by Tennessee REALTORS®.
Condominium sales in January 2019 ticked up from a year earlier, +15% from 173 to 199, while the median condo price rose +2.8% ($145,000 to $149,000), and condo inventory fell -21.4% (851 to 669).
“January’s numbers reflect recent trendlines in Tennessee as the market remains filled both with challenges and with opportunities,” said Kathy Tucker of Chattanooga, 2019 President of Tennessee REALTORS®. “Inventory has remained tight in many parts of the state as prices have continued to rise. It’s wise for Tennesseans to keep these factors in mind as they embark on the process of buying or selling a home.”
The tables below summarize Tennessee’s January 2019 housing data:
|CLOSINGS||Jan 2018||Jan 2019||Change|
|MEDIAN PRICE||Jan 2018||Jan 2019||Change|
|INVENTORY||Jan 2018||Jan 2019||Change|
The chart below breaks down January 2019 housing data by Tennessee’s three Grand Divisions:
Tennessee REALTORS® is one of the state’s largest and most influential trade associations. Consisting of 21 local associations and 27,000+ 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.