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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