Notes
- With 206 more sales this May over last, Middle Tennessee had almost a 7% increase in closings.
- Median price of single-family homes increased by $18,443, a 5% increase.
- Median price of condominiums went down by $9,350, a 2.7% decrease.
- Both single-family and condo closings increased, by 6.2% and 11%, respectively.
- The largest change was in condo inventory, which went up by 16.7%. Even though condo closings increased by 11%, in May we had a five and a half month supply of condos available.
- The single-family supply stayed steady at just under four months.
- Condos are in a balanced market while single-family homes are in a Sellers’ market. This helps explain the increase in the median single-family home price and the decrease in the median price condominium.
- More about Buyers’ and Seller’s Markets: Buyers’ Market and Sellers’ Market Explained
