Last numbers for 2022 point out there have been 39,831 properties offered within the Nashville area, in comparison with the 47,172 closings in 2021. The overall gross sales for 2022 had been down 15 % in comparison with 2021.
Residence gross sales hit 2,568 closings for December, in keeping with knowledge offered by Larger Nashville Realtors. This determine is down 40 % from the 4,305 closings reported for a similar interval final 12 months.
Fourth-quarter closings had been 7,893 for the Center Tennessee space. That complete is a 36 % lower from the 12,379 closings in the course of the fourth quarter of 2021.
“2023 will possible convey nice alternatives for patrons with rising inventories and longer days on market,” stated Brad Copeland, Larger Nashville Realtors president.
A comparability of gross sales by class for December is:
A comparability of gross sales by class for the fourth quarter is:
A comparability of gross sales by class year-to-date is:
There have been 1,462 gross sales pending on the finish of December, in contrast with 2,392 pending gross sales presently final 12 months. The common variety of days in the marketplace for a single-family dwelling was 46 days.
The median value for a residential single-family dwelling was $470,000 and for a condominium, it was $352,000. This compares with final 12 months’s median residential and condominium costs of $437,362 and $298,918, respectively.
Stock on the finish of December was 8,204 down from 3,624 in December 2021.
The present stock of properties by class, in comparison with final 12 months, is:
“Sellers must be ready to have their properties in nice situation previous to hitting the market,” Mr. Copeland added. “It is by no means been extra essential to work with a realtor who’s expert at ensuring that your property is positioned at the perfect value for the market situations.”