The Nashville area saw 3,166 home closings in July — a 5 percent increase from July 2023, when 3,001 residences changed ownership hands.

Relatedly, and according to a Greater Nashville Realtors release, the median price for a single-family home for the month was $506,750, up from the $505,000 mark of the previous month. This is the third straight month the $500,000 figure has been eclipsed.

Kevin Wilson

Kevin Wilson

The median price for a condominium in June was $359,900, up from the $350,010 figure from the same month of last year and up from the $345,000 mark of June.

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

There were 2,551 sales pending at the end of July, compared to 2,693 pending sales at this time last year.

Inventory at the end of July was 11,844, a 20 percent increase from the 9,892 active listings reported for the same period in 2023. Currently, the area is seeing a four-month supply of inventory, GNR statistics show.

The GNR release notes the average number of days on the market for a residence in July was 42 days. That mark continues to drop a bit, as April and March saw an average number of 46 and 52 days, respectively, while February registered 59 and January recorded 57. In 2023, homes often sold in no more than 40 days.

“After sluggish activity in June, the Middle Tennessee housing market posted a strong rebound with an increase in nearly all categories in July,” Kevin Wilson, Greater Nashville Realtors president, said in the release. “The momentum shown this month, combined with the continued softening of interest rates, is expected to spur strong housing sales through the third quarter of 2024.”

For comparison, existing home sales nationally in June fell 5.4 percent both month-over-month and year-over-year, online source bankrate.com reported in late July, citing National Association of Realtors information. Nationwide the median sale price in June was $426,900, up 4.1 percent from the June 2023 mark and the second record high in a row. Similarly, inventory in June nationwide rose to a 4.1-month supply, a 3.1 percent increase compared to May.

A conventional 30-year fixed-rate mortgage is offering an interest rate of about 6.7 percent, according to online source themortgagereports.com. It was about 6.6 percent in January, various sources note, and 7.2 in May, Forbes reports.

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.