Nashville home sales dip in June

Nashville-area home sales took a dive in June compared to last year but remained steady for the first half of 2024, according to new data.

• The median price for a single-family home rose to $505,000 compared to $474,900 a year ago.

Why it matters: Nashville home sales remain below their pre-pandemic levels as potential buyers wait for interest rates to come down.

By the numbers: Overall sales fell by 13% in June compared to 2023, according to new data from the Greater Nashville Realtors.

• Despite the poor month, overall sales are only slightly down, with 16,518 closings this year compared to 16,773 in 2023.
• There were 11,255 active listings in June compared to 9,594 the same month last year.

What he's saying: "This decrease is attributed to robust property values in the region combined with the Fed's current monetary policy," Greater Nashville Realtors president Kevin Wilson said in a press release. "Notably, sales prices have risen by 6% year over year, which is a positive indicator of a healthy real estate market."