A headline caught my eye this week. It read:
“The Housing Market Isn’t Making Sense. What’s Going On.”
It got me thinking about how much information is circulating out there. Numbers are flying around about inventory increases and price reductions (promising news for buyers)—and at the same time, there are also stats about record-high home prices (every seller’s dream).
When I first sat down to write this, I planned to dispel some misinformation and explain what all those numbers really mean. Then it hit me—the headlines and reports you are seeing all reference housing market stats nationwide. And when buying or selling real estate, the most important data is hyperlocal.
So, let’s take a look at what happened in the July 2024 housing market in Nashville.
Nashville Housing Market Report for July 2024
Single Family Homes: Data at a Glance
- Median Sale Price: $606,500(+4% change year over year)
- Average Days on Market: 23 (+23% change YoY)
- Months of Inventory: 4.63 (+20% change YoY)
- Active Listings(Avg): 1750 (+23% change YoY)
- Closings: 474 (-5% change YoY)
- New Listings: 806 (-4% change YoY)
In Nashville’s housing market, the median sale price for homes has risen to $606,500, which is up by 4% from last year. This means that, on average, homes are more expensive now than they were a year ago. For buyers, this indicates that purchasing a home might cost more than it did last year, so it’s important to budget accordingly and be prepared for potentially higher mortgage payments.
Homes are staying on the market longer, with the average days on market increasing by 23% to 23 days. This suggests that while homes are still selling, they might take a bit more time to find a buyer compared to the previous year. If you’re selling a home, be ready for a possibly longer wait and consider how this might affect your plans.
Inventory levels have also grown, with 4.63 months of inventory available and 1,750 active listings—both up from last year. This increase means there are more homes for sale now, giving buyers a bit more choice and potentially easing competition. However, the number of new listings has dropped slightly by 4%, so the overall pace of new homes entering the market has slowed.
Overall, Nashville’s housing market shows a mixed picture: prices are rising, but the time it takes to sell a home is longer, and inventory levels are up, though new listings are fewer. Buyers may find more options and have a bit more time to make decisions, while sellers might experience longer waits to close deals. The market remains active but is adjusting with these shifts.
Sources: Realtracs
