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TN Home Sales Tick Up, Median Price Keeps Rising, Available Properties Decline

June Home Sales –4%, Price +8%, Inventory -18%

2nd Quarter Home Sales +2%, Price +7%

There were 8,057 single-family home closings in Tennessee in June 2019, down 4 percent from a year earlier, while the median price rose and available homes tightened, according to data compiled by Tennessee REALTORS®, the state industry association.

Single-family home sales slipped from 8,392 closings to 8,057, the median price grew +8.1 percent ($235,000 to $254,000), and available inventory was down -18 percent (24,027 to 19,693 properties).

Meanwhile, Tennessee condominium sales were down -12.4 percent (315 closings to 276), while the median condo price rose +16.9 percent ($154,000 to $180,000), and condo inventory fell -35 percent (916 to 594) over June 2018.

For the second quarter of 2019 (April-May-June), home sales rose +2.1 percent (23,578 to 24,064), and the median price increased 7 percent ($228,500 to $244,500). Condo sales slipped -2.6 percent (891 to 868), and the median condo price rose 9.4 percent ($156,531 to $171,250).

The chart below summarizes Tennessee’s June 2019 housing data:

Tennessee REALTORS® is one of the state’s largest and most influential trade associations. Consisting of 21 local associations and 28,000+ 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.