3-minute readHome sales hit 2,697 closings for October 2023, according to data provided by Greater Nashville REALTORS®. This figure is down 5 percent from the 2,832 closings reported for the
Real Estate Marketing Insight | October 2023
Dated: November 15 2023
Home sales hit 2,697 closings for October 2023, according to data provided by Greater Nashville REALTORS®. This figure is down 5 percent from the 2,832 closings reported for the same period last year and down almost 28% from the 3,742 closings reported for October of 2019.
“What we are presently seeing is the market responding to the higher mortgage interest rate environment,” said Brad Copeland, Greater Nashville Realtors President. “Hopefully, we will continue to see prices regulate to a level where more buyers can mortgage qualify.”
OCTOBER SALES BY CATEGORY:
OCTOBER REAL ESTATE MARKET SNAPSHOT:
OCTOBER INVENTORY BY CATEGORY
Inventory at the end of October 2023 was 10,235, up 1% from 10,128 in October 2022. Moreover, October's real estate market report showed a 3% increase in inventory month-to-month, with 339 more listings than in September 2023.
"With five months of available inventory, we are seeing a more balanced market in Middle TN than we have seen in years,” Copeland added. “With the recent drop in interest rates, now is a great time for buyers to act."
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.