3-minute readHome sales hit 3,305 closings for August 2023, according to data provided by Greater Nashville REALTORS®. This figure is down 7 percent from the 3,566 closings reported for the
Real Estate Market Insight | August 2023
Dated: September 13 2023
Home sales hit 3,305 closings for August 2023, according to data provided by Greater Nashville REALTORS®. This figure is down 7 percent from the 3,566 closings reported for the same period last year and down 20% from the 4,140 closings reported for August of 2019.
“Up to this point in time, we've been comparing sales in a low-interest rate market,” said Brad Copeland, Greater Nashville Realtors president. “August marks the one-year mark when we began seeing significant interest rate increases in 2022 that had taken full hold on the market by October. Flash forward to today, and the new buyer pool has adjusted to this higher interest rate environment.”
AUGUST SALES BY CATEGORY:
AUGUST REAL ESTATE MARKET SNAPSHOT:
AUGUST INVENTORY BY CATEGORY
Inventory at the end of August 2023 was 9,853, down 6% from 9,302 in August 2022. Moreover, August's real estate market report showed less than a 0.5% decrease in inventory month-to-month, with 39 more listings than in July 2023.
"Even though inventory is increasing, it is still significantly lower than it was in 2019," Copeland added. "An increase in prices and only a 3.4-month supply of inventory signals a healthy sellers' market."
If you are interested in finding out what your home is worth, please contact our team of dedicated Nashville Realtors®. Call RE/MAX Homes and Estates, Lipman Group at 615.463.3333.
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