New data shows decrease in Nashville home closings

New data shows decrease in Nashville home closings
Posted at 5:24 PM, Jul 12, 2022
and last updated 2022-07-13 07:26:09-04

NASHVILLE, Tenn. (WTVF) — After a crazy few years, Nashville's real estate market might be pumping the brakes. This comes as new data shows home sales dropped 8% compared to this time last year.

"It's changed from being a sellers' market to more of a balanced market," said Steve Jolly, president of Greater Nashville Realtors.

That "balanced market" could signal a return to normal, he said, or at least to pre-pandemic activity.

"If buyers have an advantage, prices could go down, so we don't really want that," said Jolly. "We don't really want sellers to have the advantage either for long periods of time. Neither of those markets over a long period of time is sustainable."

While home sales might have declined, prices have not. In fact, they've gone up 20% from last year.

"Well, I think it'll slow down, but that doesn't mean the prices are going to decline," said Jolly. "It just means homes aren't going to sell as fast."

Currently, the average price of a single-family home in Nashville is $495,070.

But while home sales have slowed, condo sales have actually increased.

"I think that one of the things is there are more condos being built, so that's part of it. But two, I think part of it has to do with affordability," said Jolly.

Despite another possible rise in rates, Jolly foresees a "steady" market for the rest of the year.

"Not everybody needs to buy a home today but if it makes sense for you, if you guys are ready and you want to do that then I think that's what's best for you to do," said Jolly.