Fall has arrived, bringing the cooler weather many of us have been waiting for after a summer that seemed to stretch well into September.
Greater Nashville’s summer housing market was cooler, too, though activity remained strong in some areas, particularly among higher-priced homes. Across the nine-county region, the summer reinforced how much market conditions can vary by location and price point.
In August, Wilson County stood out. Homes listed above $400,000 saw closings increase 19% compared with a year earlier, while contracts rose 17% and sales prices increased 1%.
September’s latest home sale figures show those differences continuing into the fall, with mixed results across counties and price ranges. Sales activity was generally softer below
$1 million, with the largest decline in the $300,000–$499,999 range, where sales fell 8%. Meanwhile, sales above $1 million increased.
Across Greater Nashville, overall closings were nearly unchanged, increasing just 0.14% from a year earlier, while condominium sales rose 13%. Single-family home prices increased 4%, and condominium prices rose just under 1%.
The takeaway for buyers and sellers is straightforward: Regional headlines provide context, but location, price range and competing properties should guide your strategy.
A 6% increase in available inventory and nearly six months of supply give buyers more choices and potentially more room to negotiate. Mortgage rates remain a challenge because of their impact on monthly payments. Depending on the property and the seller’s circumstances, concessions such as mortgage rate buydowns or contributions toward closing costs may help make a purchase more manageable.
Sellers, meanwhile, should focus on competitive pricing and thoughtful preparation. Buyers have more homes to compare, making it especially important to understand how your property measures up against others in the same area and price range. Even a well-positioned home may take longer to sell, so realistic expectations and a willingness to adjust can help.
This fall’s market offers opportunities, but the approach needs to fit the property and the circumstances. Whether you are buying or selling, understanding the market in your neighborhood and working with a Realtor to weigh your options can help you move forward with a clear plan.
Jack Gaughan is president of Greater Nashville Realtors. A Realtor is a member of the National Association of Realtors who subscribes to its strict code of ethics. You can reach Jack at 615-478-0970 or jack.gaughan@gmailcom.
This article originally appeared on Nashville Tennessean: Greater Nashville home sales split sharply by price range
