Real Estate Market Insight | December 2023

Dated: January 12 2024

Views: 63



3-minute read


Home sales hit 2,463 closings for December 2023, according to data provided by Greater Nashville REALTORS®. This figure is down 4 percent from the 2,568 closings reported for the same period last year and down 29% from the 3,482 closings reported for December of 2019.

“2023 was a year defined by the highest interest rates that we have seen in over 20 years,” said Kevin Wilson, Greater Nashville REALTORS® president. “Although home sales for the year were down 16 percent, median single-family home and condo prices remained steady.”

DECEMBER SALES BY CATEGORY:

2019

2022

2023

Residential

2,880

2,028

2,011

Condominium

445

417

302

Multi-Family

22

13

18

Farms/Land/Lots

135

110

132

Total Closings

3,482

2,568

2,463



DECEMBER REAL ESTATE MARKET SNAPSHOT:

2019

2022

2023

(Residential)


Median Sales Price

$324,000

$470,000

$470,000

(Condominium)


Median Sales Price

$269,900

$352,000

$340,000



DECEMBER INVENTORY BY CATEGORY

2019

2022

2023

Residential

6,612

5,837

5,921

Condominium

744

814

1,106

Multi-Family

40

60

78

Farms/Land/Lots

1,969

1,493

1,622

Total Closings

9,365

8,204

8,727



Inventory at the end of December 2023 was 8,727 up 6% from December 2022.

“We are optimistic about 2024 as the number of sales in both Q4 and December were down only four percent."

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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