Nashville home sales are down 8% for July and I actually don't hate that. Let's talk about it really quickly.
Nashville home sales dipped, finally, I feel like all year they've been breaking records and easily beating 2020. And finally, our low inventory caught up to us. Nashville has fewer homes on the market, about half roughly of where we were last year, and last year was nothing special inventory wise. So what's that mean? We've still got a ton of buyers. I think there's some buyer fatigue and there are people maybe putting their home search on pause because they're sick of the 10 and 20 and 30 offer home scenarios, where a listing goes up and they get that many offers.
What's going to fix this? I would say builders building more homes and sellers deciding to put their homes on the market. It's not going to happen quickly. This is the new normal, and we'll be fine. Nashville is such a hot job market and the housing market is strong as heck, it'll be fine. The average home sale price was $415,000 in July, that's up $72,000 from the same time last year. Some pretty staggering growth.
See at the Tomato Art Fest this weekend! We're going to be right across from Wagon Wheel Title in the Crye-Leike tent. If I'm not there, some other agents will be, and we'd love to see you. Thanks!
