TN Home Sales Down 7% in January 2019; Median Price Rises 8%, Inventory Declines 10%
During January 2019, there were 4,460 single-family home sales in Tennessee, down -7%from 4,799 a year earlier; while the median home price was $227,700, up +8% from $209,500; and the inventory of available homes slipped -10%, from 20,619 to 18,565, according to data compiled by Tennessee REALTORS®.
Condominium sales in January 2019 ticked up from a year earlier, +15% from 173 to 199, while the median condo price rose +2.8% ($145,000 to $149,000), and condo inventory fell -21.4% (851 to 669).
“January’s numbers reflect recent trend-lines in Tennessee as the market remains filled both with challenges and with opportunities,” said Kathy Tucker of Chattanooga, 2019 President of Tennessee REALTORS®. “Inventory has remained tight in many parts of the state as prices have continued to rise. It’s wise for Tennesseans to keep these factors in mind as they embark on the process of buying or selling a home.”
The tables below summarize Tennessee’s January 2019 housing data:
CLOSINGS Jan 2018 Jan 2019 Change
Single-Family 4,799 4,460 -7%
Condo 173 199 +15%
MEDIAN PRICE Jan 2018 Jan 2019 Change
Single-Family $209,500 $227,700 +8%
Condo $145,000 $149,000 +2.8%
INVENTORY Jan 2018 Jan 2019 Change
Single-Family 20,619 18,565 -10%
Condo 851 669 -21.4%
The home buying process can be overwhelming when you first get started. Having in mind what you must have in a home versus what you want to have is a good place to start. This can help fine tune your searches. This is also something to keep n mind when you are actually out looking at a home in person. Certain aspects can easily be changed after you move is. It is good to keep this in mind when you are viewing homes.