[See all TN housing data, including the current month’s, on THIS PAGE.]
TN Home Sales Rise 1.8% in February 2019
Median Price Ticks Up 3.8%, Inventory Declines 12.5%
There were 5,300 single-family home sales in Tennessee in February 2019, up +1.8% from 5,204 in February 2018; while the median home price was $220,000, up +3.8% from $212,000; and the inventory of available homes slipped -12.5%, from 20,726 to 18,137, according to data compiled by Tennessee REALTORS®.
Breaking down the February 2019 data by the state’s three Grand Divisions, Middle Tennessee saw a modest growth in home sales (+5.9%), East Tennessee home sales decreased slightly (-3.8%), and West Tennessee home sales remained relatively flat year-to-year (+0.6%). The median price rose and inventory declined roughly equally among all three divisions. (See the chart below for more details.)
“While overall home sales increased statewide in February, the rise of the median home price was less pronounced than we’ve seen in recent months,” noted Kathy Tucker of Chattanooga, 2019 President of Tennessee REALTORS®. “At the same time, tight inventory continued to be a challenge for some aspiring home buyers as the supply of available homes struggles to keep pace with demand across Tennessee. However slight, fluctuations in the market remind us of the need for a skilled, savvy approach to navigating the buying and selling process.”
The tables below summarize Tennessee’s February 2019 housing data:
|CLOSINGS||Feb 2018||Feb 2019||Change|
|MEDIAN PRICE||Feb 2018||Feb 2019||Change|
|INVENTORY||Feb 2018||Feb 2019||Change|
The chart below summarizes Tennessee’s February 2019 housing data by Grand Division:
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.