Home Sales In Tennessee

Posted by Lynn Byrd on Monday, May 14th, 2018 at 7:20pm.

According to a recent article from "Tennessee Realtors" sales in Tennessee are steady, prices are up and the inventory is down.

   Tennessee saw 6,893 single-family closings in April 2018, up 2.3 percent from a year earlier, while the median price kept rising and available homes shrunk, according to data compiled by Tennessee REALTORS®.

   While home sales rose slightly from 6,736 closings to 6,893, the median price grew 8.3 percent ($203,200 to $220,000), and available inventory fell 23 percent (23,680 to 18,238).

   Somewhat in contrast, condominium sales jumped 21 percent from a year early (530 closings to 642). Meanwhile, the median condo price rose 10.8 percent ($171,250 to $189,700) and condo inventory tumbled 27.9 percent (1,673 to 1,207) over April 2017.

   While the market is good, especially for sellers, remember that these statistics are for the entire state. Homes are selling better in some areas than others. In the Tri-Cities area we are in, what I would call, a balanced market. We are starting to get a little low on residential inventory but there are still good homes and good deals available. Below are the MLS (Multiple Listing Service) numbers for properties on the marketing at the time of the blog post:

ACTIVE LISTINGS 

2724    Residential

151      Co-op/Condo

3566    Vacant Land

73        Multi-Famil

505     Commercial/Industrial

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