Nashville Home Sales Are Down And That’s OK!

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    For seven months Nashville home sales have been higher than ever. Each month the sales have been outpacing previous years and homes have been hitting record prices. The most recent GNAR report indicates that there was finally a shift in that pattern for July. In fact, Nashville home sales are down and that’s ok! Here’s why:

    • Pending home sales are still high. This indicates that are still ALOT of people looking to buy homes in Nashville.
    • Home prices are still rising significantly. In fact, The median residential price for a single-family home during July was $267,000 last year it was $234,900. 
    • Homes are still selling quickly: the average number of days on the market is 54!

    But, most importantly all of this is still good news for Nashville’s real estate market because the market is correcting itself. Here’s how GNAR Denise Creswell explains –

    The slight decline in home sales is not a cause for concern, and is actually a positive for the market. The furious pace homes have been selling at is not sustainable. The imbalance of supply and demand, combined with the continued gains in price, means inevitably we will reach a point where the market will slow down. This pause may be a sign the market is beginning to slow down and correcting itself until more inventory is available.”

    This remains an excellent time to sell your Nashville home so if you would like to discuss that process, call DeSelms Real Estate today at 615.550.5565 and speak with one of our award-winning REALTORs!

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