In August 2026, downtown Nashville condo closings fell 38% from August 2025, according to Greater Nashville REALTORS. Year to date they were down 9%, and inventory had reached 22 months of supply. The Nashville Post used one word for it: saturated.
That same year, the developer of a 60-story condo tower on Church Street opened his first-ever sales gallery. A Gulch tower brought in a New York sales partner, and a second Gulch tower began construction on 84 residences. Both trends hold at once because downtown now has two condo markets. They share a skyline and very little else, and each one gives buyers a different kind of leverage.
What 22 Months Means Across a Negotiating Table
Months of inventory measures how long it would take to sell every listed unit at the recent pace of sales. The region as a whole had 5.8 months of inventory in August 2026. Downtown had nearly four times that. GNR president Jack Gaughan put it plainly in the August release: "With inventory reaching 22 months, buyers have considerable leverage and more opportunities to negotiate, while sellers must be realistic about pricing and prepared for their property to take longer to sell."
Weakness in the wider condo market supports the downtown numbers. Across GNR's nine-county region, the condo median was $331,780 in September 2026, and condo inventory stood at 2,788 listings, up from 2,479 in September 2025. In July, Gaughan noted that regional condo closings were down 17% from a year earlier and median prices had slipped 2%. August is the most recent month with a downtown-specific figure. Buyers touring resale units this fall have that August data behind them when they make an offer.
Part of downtown's resale supply is new. The Emory at Nashville Yards, 630 Commerce St., added 312 condominiums across 35 floors when it delivered in 2025, according to the Nashville Downtown Partnership's development map. The available data doesn't say how much of today's inventory is new construction and how much is older resale stock. The data supports a narrower conclusion: a lot of finished, move-in-ready downtown inventory is chasing a limited pool of buyers.
The Towers Are Competing With Each Other
A resale glut usually pushes buyers away from presales. They can close in 30 days instead of waiting two years. The luxury towers kept going anyway, and the Nashville Business Journal named their competition in January 2026. Tony Giarratana was opening a sales gallery for Paramount, something he had never done before, because "new luxury developments [are] all vying for the same customers." In April, the Business Journal reported that the gallery had opened while crews poured the tower's eighth level.
That quote names a rival group, and the group is other towers. The resale listings don't make that list. Each tower is responding to the others.
- Pendry Residences Nashville, 701 7th Ave. S., signed $26 million in presale contracts in Q1 2026, including a penthouse at about $7 million. Prices start around $1.3 million, as The Real Deal reported in July. Its sales team recruited a New York partner to reach buyers there.
- The Nashville EDITION, 1100 Porter St., began work on its hotel-and-condo tower in early 2026, per the Business Journal. A March Business Journal piece said luxury high-rise buyers are often "in our own backyard."
- Paramount, 1010 Church St., brought the city's tallest planned tower into a sales-gallery contest that until then had belonged to branded hotel residences.
One tower is courting New York buyers. Another says its buyers are mostly local. A third built a showroom. All three are competing for the same small group of buyers who will commit seven figures to a unit that doesn't exist yet.
Two Price Bands Under One Skyline
The two markets sit at different price points. GNR's regional condo median was $331,780 in September 2026. Pendry's entry price is about $1.3 million. At Paramount, the presold units reported by the Nashville Post, before the 2026 sales gallery opened, ranged from $1.4 million to $12 million, averaging about $2.93 million, or $1,026 to $2,617 per square foot. Those buyers are choosing among branded towers, full-floor penthouses and the delivery calendar. They aren't choosing between a presale and a 15-year-old two-bedroom down the street.
A third group sits between the two. It is priced closer to resale but built for owners who plan to rent short term:
| Project | Units | Status and published pricing | Expected delivery |
|---|---|---|---|
| The Modernest Gulch View, 1107 8th Ave. S. | 131 condos, 720 to 1,650 sq ft, STR-eligible | Topped out June 1, 2026; from the $500,000s | April 2027 |
| The Heritage at Broadway, 160 2nd Ave. N. | 50 condos, STR-eligible | Developer reports over 65% presold | 2027 |
| Allegro, 621 Middleton St. | 82 for-purchase units, 7 stories | Under construction | Late 2028 |
This middle band is where new construction and resale actually compete. A buyer looking at a Modernest unit from the $500,000s, as City Now Next reported, can also price a finished resale unit nearby today. Rental rules, finish age and HOA budgets will separate those two choices more than location does.
The Delivery Calendar a Resale Seller Should Know
The two markets meet in 2027 and 2028, when the towers start turning over keys. That timing matters most to anyone who plans to sell a downtown condo in the next few years.
2027
- The Modernest Gulch View: 131 condos, expected April 2027
- The Heritage at Broadway: 50 condos
- Pendry Residences: 146 residences, construction completion expected by the end of 2027
2028
- The Nashville EDITION: 84 condos alongside 261 hotel rooms
- Paramount: 140 condos, construction completion slated for May 2028
- Allegro: 82 units, late 2028
That adds up to 327 units listed for 2027 and 306 for 2028. Delivery dates come from the Downtown Partnership's map and the developers. They are targets, not guarantees. Two larger projects are still on paper. Turnberry announced The St. Regis Nashville at 805 Demonbreun in January 2024 with 111 residences and a 2025 groundbreaking target, and the Downtown Partnership still lists it as proposed. DAC Developments closed on a $22 million SoBro site for a planned 53-story hotel and condo tower, according to the Business Journal.
Presold units don't simply add to supply when they deliver. A unit under contract today goes to a buyer, not onto the resale market. The squeeze shows up in what buyers expect. Once Pendry and Paramount open, a resale listing in an older tower will be compared with brand-new amenities across the street. The downtown resale owner is caught twice. Today's 22-month supply works against them now, and starting in 2027 buyers will be comparing their unit with brand-new towers nearby.
What a Deposit Tells You About Commitment
Presale deposits show how much buyers have actually committed. Paramount's 48 presales included 45 signed contracts with 10% deposits and three reservations with 1% deposits, according to the Nashville Post. A 10% contract and a 1% reservation are very different levels of commitment. When a tower announces a "presold" percentage, ask how much of it is contracts and how much is reservations. For transparency: the same Post article reports that Kate Giarratana assists Giarratana Condominiums with Paramount presales.
This post is general information, not legal or financial advice. Have an attorney review any presale agreement before you sign or fund a deposit.
FAQ
Is downtown Nashville a buyer's market for condos right now? On the resale side, the latest downtown figures point that way. In August 2026, GNR reported 22 months of inventory and closings down 38% from the year before, and its president said buyers have "considerable leverage."
Do presale towers discount when resales are slow? Published reporting doesn't show discounts. It shows the towers competing harder with each other through sales galleries and out-of-market marketing, as the Business Journal and The Real Deal reported in 2026.
When do the new towers deliver? Current targets put The Modernest Gulch View in April 2027, The Heritage at Broadway in 2027, Pendry by the end of 2027, and The Nashville EDITION, Paramount and Allegro in 2028.
Whether you're weighing a resale offer while inventory favors buyers, or comparing presale contracts across the 2027 and 2028 towers, Kate Giarratana can walk you through the deposit terms, delivery timelines and comparable resale units side by side. Contact Kate for a private consultation or instant home valuation.
