Jul 8, 2022 - Business

Nashville home sales softened in June

Illustration of a for sale sign held up by a thermometer.
Illustration: Brendan Lynch/Axios

Home sales in the Nashville area decreased significantly last month, with closings down 8% compared to June 2021, according to an analysis from Greater Nashville Realtors.

Why it matters: Experts say the slowdown could offer some breathing room for frustrated buyers under tremendous pressure to pounce on listings with quick offers before they disappear.

  • "Buyers have more time to find the right property and may be able to negotiate for more items like property repairs and closing costs," Greater Nashville Realtors president Steve Jolly said in a statement.

Between the lines: The drop in closings also reflects the impact of rising interest rates and home costs.

The big picture: Brad Copeland, the president-elect of Greater Nashville Realtors, tells Axios the market seems to be "normalizing a little bit" after a red-hot period.

  • He's already seen houses staying on the market longer. And some sellers who priced aggressively at the peak are now beginning to offer discounts.

Yes, but: Area home costs are still rising even as sales slow. The median price for a single-family home hit $495,070 in June, up from $415,000 a year ago.

Zoom in: While residential sales are down, long-term figures show the demand for condos has increased.

  • Copeland says that trend is driven by buyers who are looking for better values after they were priced out of single-family homes.
  • "We do expect to see that continue because we believe prices are going to remain firm," Copeland says.
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