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Green Hills? Franklin? How Healthy Is the Market? Rumors or Real Data?

Each week I hear someone speculating about the Nashville area real estate market.  Everyone seems curious… will our market continue to rise?  Is it slowing down?  Here are the stats:

Nashville Metro Area:
While Nashville home sales have been above average, prices slid 2.6% this week extending a four-week long spiral. Despite the falling prices, a relatively low three months of inventory indicates that the Nashville Metro Area is still a seller’s market.  The Metro Nashville market health score, according to HomeSnap Pro is 84 out of 100, which is in the “Health” category.*

Whereas last week home sales were down 9.1% in Green Hills, this week the same market saw a 6.7% sales gain.  The Green Hills market health score was 61 this week*.   The median list price is $769,950 and the average home has been on the market for 73 days.  In the past month, there have been 60 real estate transactions in Green Hills, with a median sale price of $522,450. The recent sales activity in Green Hills represents a -15.5% change over the prior month.*

There are currently 238 Green Hills homes for sale, which equals about 4 months of inventory. There are 180 detached homes for sale, 22 townhouses for sale, and 24 condos for sale. In the past 30 days, there have been 103 new listings in Green Hills, 113 price changes and 63 new contracts.*

The Franklin market pulled back with a 10.8% sales drop in this week’s report*.  However, overall sales numbers for the last 30 days remained above the monthly average (138.2) with 166 homes sold. The median sales price has been increasing as it hit $455,000, extending a four-week long spike. In spite of the decrease in sales, the Franklin market health score is 87 out of 100, and a low 2 months of inventory signals that Franklin is a solid seller’s market.*

* all data provided by HomeSnap Pro as of 08/28/17

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