The Nashville area saw 3,086 home closings in August — a 6 percent decrease from the figure of August 2023, when 3,305 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 $485,000, down from the $506,750 mark of July. Before August, the area had eclipsed the $500,000 figure three straight months.

Kevin

Kevin Wilson

The median price for a condominium in August was $349,990, essentially unchanged from the $350,000 figure of the same month of last year and 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 2,603 sales pending at the end of August, compared to 2,607 pending sales at the conclusion of August 2023.

Inventory at the end of the month was 12,053, a 22 percent increase from the 9,853 active listings reported for the same period in 2023. The area continues to see an approximately four-month supply of inventory, GNR statistics show.

The release notes the average number of days on the market for a residence in August was 46 days. The mark was 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.

A conventional 30-year fixed-rate mortgage is offering an interest rate of about 6.4 percent, according to online source themortgagereports.com. It had been 6.7 percent in July and was 7.2 percent in May, Forbes reports.

“While the number of home sales were down slightly compared to August of last year, the decline in interest rates over the past 30 days have brought buyers back into the market,” Kevin Wilson, Greater Nashville Realtors president, said in the release. “The pending sales for the month is an encouraging indicator of the rising direction of the market.”

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.