Nashville home sales remain steady, but could heat up in Q4

By the numbers: There were 9,167 closings in the Nashville area from July through September, according to a quarterly report from Greater Nashville Realtors. That's a 0.5% increase from the same period last year.

• Home prices were relatively stable too. The median price for a single-family home was $467,000 in September compared to $468,410 a year ago.

Zoom in: Other numbers in the report point toward optimism from both sellers and buyers who've been waiting for mortgage rate cuts.

• For instance, there were 2,403 pending sales at the end of September, up 5.5% year over year.
• There were 12,308 active listings reported last month, a 24% jump compared to September 2023.

What they're saying: "Buyers are moving back into the market and we can expect a stronger fourth quarter," Kevin Wilson, the Greater Nashville Realtors president, said in a statement.

• "The combination of lower interest rates and the continued increase in inventory offer buyers more options and opportunity to negotiate."