Nashville’s housing market bogged down last month after getting off to a hot start in 2024.
There were 2,837 home closings in the Nashville area in March, marking a 7 percent year-over-year decline, the Nashville Post reported, citing a study by Greater Nashville Realtors.
The drop off follows a year-over-year increase of 3 percent in February, when 2,247 homes closed, and a 5 percent gain in January, which marked the first year-over-year increase in nine months.
For the first quarter of 2024, a total of 6,970 closings were reported, a 2 percent decrease from the first quarter of 2023, when the market saw 7,051 closings.
Despite the decrease in home sales, median prices for single-family homes and condominiums continued to rise last month. The median price for a single-family home stood at $493,220, compared to $465,000 in March 2023. Condominium prices rose from $327,885 to $339,900 over that stretch.
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Active listings surged to 9,404 in March, marking an 8 percent increase from a year ago. However, homes are taking longer to sell, with an average of 52 days on the market for single-family homes in March, compared to 40 days before a slowdown in December.
—Quinn Donoghue