Nashville area home sales increased by double digits last month — the fourth time that’s happened this year. But the seasonal downshift appears to be underway. Closings are up nearly 17 percent over last year, but down slightly from the previous two months.
Of the nearly 3,800 home sales in August, each has a unique story. Many are newcomers. Others are moving to find more space. Michele Wojciechowski, who works at the Tennessee Supreme Court, closed on a house in Green Hills. Her family moved from the Nipper’s Corner area to be closer to town, primarily because of increased traffic congestion.
“We were just finding it was just too much time in the car to get where we needed to get every day,” she says.
Wojciechowski’s Nipper’s Corner home sold in a matter of hours, getting above the asking price. The buying experience was more drawn out, though a little less competitive given the higher price point in Green Hills.
In the Nashville area, median home prices stayed basically flat compared to the prior month at $235,000. That’s down from a record high of $240,000 earlier this summer, which realtors say could be a good thing rather than the beginnings of a bust.
"This stabilization of prices is a healthy indicator for our market,” says Greater Nashville Association of Realtors president Cindy Stanton.