Nashville Housing Market – July ReportGrant HammondAugust 1, 2008
The Greater Nashville real estate market remains consistent with recent trends for sales and prices in July. There were 2,488 closings, compared with 3,349 in July of 2007, which represents a decrease of 25.7%. There have been 15,485 closings so far this year, compared with 21,419 through July of last year, for a decrease of 27.7%.
The median price of a single-family home was $179,995 and for a condominium it was $162,900. Last year prices were $189,900 for a single-family home and $154,000 for a condominium. The single-family home price is down about 5% and the condo price is up about 6%.
The current inventory level is 25,023, compared with 21,861 in July of 2007. New construction is up 5% in the same period contributing to some of the additional inventory.
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