Sales +.9%, Price +8%, Inventory -26%
Reflecting a continuing strong economy and a tight supply of available properties, Tennessee’s single-family home sales inched up .9 percent (7,408 to 7,475) in July 2017, while the median price rose 8 percent ($206,000 to $222,000) and inventory fell 26percent (28,635 to 21,292) over July 2016, according to data compiled by Tennessee REALTORS®.
For the same period, Tennessee condominium sales inched up +.3 percent (666 to 687), the median condo price rose +6.5 percent ($169,900 to $181,000), and condo inventory fell-32 percent (2,213 to 1,511) compared with July 2016.
“The housing numbers for July reflect the continuing strength of Tennessee’s overall economy and housing market while underscoring the challenges brought on by a tight inventory of available homes,” said Nashville-area REALTOR® Brian Copeland, 2017 President of Tennessee REALTORS®.
“Even so, as prices keep rising and properties on the market are harder to come by in this seller’s market, it is still possible for interested buyers to find the ideal home for them with the right help and guidance,” Copeland said.
The July 2017 breakdown by Tennessee’s three Grand Divisions (Western, Middle and Eastern) shows almost identical trends in steady sales, rising prices, and tighter inventory: