The Nashville area saw 2,810 home closings in September — a fractional increase from September 2023, when 2,807 residences changed ownership hands.

This follows the area having registered 3,086 home closings in August — a 6 percent decrease from the 3,305 mark of August 2023.

Kevin Wilson

Kevin Wilson

Relatedly, and according to a Greater Nashville Realtors release, the median price for a single-family home for September was $467,000, down from the $468,410 mark of the corresponding month of the previous year. The single-family home median price figure was $485,000 for August. Before that month, the area had eclipsed the $500,000 mark for three straight months.

The median price for a condominium in September was $356,000, up compared to the $344,995 figure of the same month of last year and an increase compared to the $349,990 mark of August (though down from the $359,900 mark of July).

For a recent comparison, and in February, the median prices for a residential single-family home and a condo were $478,870 and $339,990, respectively.

There were 2,403 sales pending at the end of September, compared to 2,277 pending sales at the conclusion of the same month in 2023.

Inventory at September’s end was 12,308, a 24 percent increase from the 9,896 active listings reported for the same period in 2023. The area continues to see an approximately four-month inventory supply, GNR statistics show.

The GNR release notes the average number of days on the market for a residence in September was 46. The mark was 46 days for August and 42 days for July. For context, February registered 59 days and January recorded 57. In 2023, homes often sold in no more than 40 days.

Conventional 30-year fixed-rate mortgages offer an average interest rate of about 6.6 percent, according to online source mortgagenewsdaily.com. The figure had been 6.4 in August, 6.7 percent in July and 7.2 percent in May, Forbes reports.

“Median home sale prices and the number of home sales in the Greater Nashville market remained stable in September, with a 3 percent increase in median condo prices,” Kevin Wilson, Greater Nashville Realtors president, said in the release. “With a 5.5 percent increase in pending home sales in September, buyers are moving back into the market and we can expect a stronger fourth quarter.”

The GNR data was collected from Cheatham, Davidson, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson counties.

This article was first published by our sister publication the Nashville Post.