Nashville Home Sales See Continued Increase

Nashville Housing ReportAccording to the latest numbers released by the Greater Nashville Association of REALTORS®, there were 3,084 home closings reported for the month of August.  This figure represents an 18.3 percent increase from the 2,606 closings reported for the same period last year.

Year-to-date closings for the Greater Nashville area have increased 22.8 percent. There were 21,094 closings, compared with 17,174 closings reported through August of last year.

“Home sales during August increased 18.3 percent over August of last year. And, the total number of closings during the month exceeded 3,000, which is very encouraging,” said GNAR president Price Lechleiter. “Spring and summer are highly active times for home sales, but the start of the school year sometimes begins a seasonal downturn. The Greater Nashville market remains active and healthy, and the number of pending sales is cause to believe the trend is continuing.

“As Middle Tennessee continues to receive positive attention, with businesses and families moving here, it’s resulting in more growth. Preparing for and managing that growth is critically important. Addressing key local and regional issues like transit and public education will be necessary if we want to continue enjoying the benefits of being a vibrant, attractive location.”

  Nashville Home Sales Comparison in August

August 2012 August 2013      
CLOSINGS  2,606 3,084
Residential 2,177 2,544
Condominium 299 351
Multi-Family 20 29
Farms/Land/Lots 110 160
     There were 2,888 sales pending at the end of August, compared with 2,572 pending sales at this time last year.  The average number of days on the market for a single-family home was 67 days.
     The median residential price for a single-family home during August was $194,000, and for a condominium it was $167,834.  This compares with last year’s median residential and condominium prices of $175,000 and $147,634, respectively.
     Inventory at the end of August was 16,250, down slightly from 18,223 in August 2012.  The current inventory of properties by category, compared to last year, is:
 August 2012 August 2013     
INVENTORY      18,223 16,250
Residential 11,231 10,156
Condominium 1,5432 1,215
Multi-Family 266 175
Farms/Land/Lots 5,294 4,704
     “Both condominium and single-family median prices continue to rise and days on market continue to drop,” added Lechleiter. “Inventory is continuing to decrease, which is the case in all categories this month.  Now is certainly a good time to consider selling your home. There is demand from buyers for well-prepared and properly priced properties.”
This news bodes well for anyone who is thinking of selling their home in Nashville in the near future.