Residential home sales in Tennessee continued to rise at a steady clip in November (+8.8%), and sales volume rose even more dramatically (+25.5%), as factors including declining inventory (-27.8%), an influx of new residents, and expanded remote-work trends kept home prices on the increase (+14.2%), according to data compiled by Tennessee REALTORS® via REALTORS® Property Resource (RPR).
Among the highlights:
— Single-family home closings reached 8,943 in November, up +8.8% from the same month a year ago.
— Closed sales volume tallied $2.85 billion, a +25.4% jump.
— The median sales price was $265,000, up +14.2%.
— Active listings were 33,602, down -27.8%.
— Median sale price per square foot was $139, up +9.5%.
— New listings for the month totaled 9,561, a slight drop of -1.1%.
See more details broken down by Grand Division (West, Middle, East) along with past TN housing data HERE.