NASHVILLE, Tenn. (WTVF) — They are numbers that we've gotten used to in this city on the rise, but the latest batch of home sales numbers in Middle Tennessee caught our eye: the number of home sales in the Nashville area dropped in September, compared to the year before — by 8%.
The Greater Nashville Association of Realtors says the new data is not necessarily an indicator the market is cooling.
Instead, they say, it's a lack of new listings in the area compared to this time last year, when the region saw a 28% increase in listings.
"Think of it as inventory, when the store runs out of inventory they can't sell any more homes, so that's what we're really up against, not only to meet demand, but to meet what we'd normally sell in a given time period," said Steve Jolly with the Greater Nashville Association of Realtors.
Additionally, realtors say while inventory is lower now, as we enter the selling offseason, buyers will be too.
"You have less competition, so if you're a buyer who has struggled this year, to find a place to move to, between now and the end of the year is a great time because you'll have a lot less competition for the same homes coming on the market," Jolly said.