If you are wondering what the competition is like when buying a home in Nashville, just let the title of this article sink in for a second. With 3,141 closings reported in March, we saw a 10.7% increase in sales compared to last March’s 2,837 closings. That’s pretty impressive, considering that sales numbers in 2015 were very strong.
The first quarter as a whole for 2016 finished at 7,601 closings, which was also up over 10% from the 6,904 closings reported during the first quarter in 2015.
Current Home Values
According to the data provided by GNAR, the median residential price for single-family homes was $245,000 and $181,894 for condos during the month of March. This time last year home prices for residential and condominiums averaged $222,400 and $171,831 respectively.
Sales by Category for March
Quotes From the GNAR President
“Home sales performed well in the Nashville area in March, rounding out a solid first quarter in the market,” said GNAR President Denise Creswell. “We experienced double-digit increases for both the month of March and the first quarter, compared to 2015. Each of the nine counties in our reporting area saw increases in residential sales for the quarter; all but one had increases in residential median price, as well.”
“Spring is typically the official kickoff of the housing market’s busy season, however our market was busy way before that. Given the continued low interest rates and pent-up buyer demand, don’t expect a slowdown anytime soon,” said Creswell.
“According to the most recent jobs report, 215,000 jobs were added in March. Continued growth in the job sector boosts consumer confidence and adds more potential buyers and competition to the marketplace. All buyers should be prepared to act swiftly upon finding the right property and to face multiple offers in some situations. Working with a Realtor helps buyers to navigate our fast-paced market.”
Nashville Home Inventory by Category
Homebuyers in Nashville are feeling the squeeze more and more as housing inventory continues to drop with increased demand. At the end of March there were 11,951 available properties, compared to 12,775 this time last year.
Pending sales were up 6.6% at the end of the month as we saw 3,285 sales pending, compared to the 3,083 that we saw last March. The average number of days on the market for a single-family home was 64 days.
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