Nashville’s housing market slowed down final month after getting off to a sizzling begin in 2024.
There have been 2,837 dwelling closings within the Nashville space in March, marking a 7 p.c year-over-year decline, the Nashville Publish reported, citing a research by Larger Nashville Realtors.
The drop off follows a year-over-year enhance of three p.c in February, when 2,247 properties closed, and a 5 p.c acquire in January, which marked the primary year-over-year enhance in 9 months.
For the primary quarter of 2024, a complete of 6,970 closings have been reported, a 2 p.c lower from the primary quarter of 2023, when the market noticed 7,051 closings.
Regardless of the lower in dwelling gross sales, median costs for single-family properties and condominiums continued to rise final month. The median worth for a single-family dwelling stood at $493,220, in comparison with $465,000 in March 2023. Condominium costs rose from $327,885 to $339,900 over that stretch.
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Lively listings surged to 9,404 in March, marking an 8 p.c enhance from a yr in the past. Nevertheless, properties are taking longer to promote, with a mean of 52 days in the marketplace for single-family properties in March, in comparison with 40 days earlier than a slowdown in December.
—Quinn Donoghue
