Median home prices rose in July, while home sales dropped ever-so-slightly. Median home prices rose 13.67%, from $234,900 in July 2015 to $267,000 in July of this year. However, there was a modest decrease in home sales. There were 3,705 closings in July compared to 3,832 closings for the same period last year. This represents a 3.3% decrease.
July marks the first time in seven months that the Middle Tennessee region has seen a decrease in home sales, year-over-year.
Despite the modest decrease in sales, the housing market remains strong. There is still low inventory, which is attributing to the rising median prices. However, interest rates are still incredibly low and Nashville is such an incredible city, so this creates a strong demand.
For more detailed information on what is happening in the housing market or to find out what the market is like in your particular neighborhood, please reach out to me.
Janis J. Martin
Realtor, ABR, ASP, CRS, C-RCS, GRI, GREEN, SFR, SRES
Keller Williams Realty
9175 Carothers Parkway, Suite 110
Franklin, TN 37067
Cell | 615.478.6906
KW main | 615.778.1818
When one door closes, another one opens…