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Pending Home Sales Up An Impressive 13% in August

Posted by Meghan Caldwell on September 16, 2019
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In the latest market report provided by the Greater Nashville REALTORS®, there were a reported 4,140 home sales for August. This was an increase of 4.5% from the 3,961 home closings we saw the same time last year. Condos also enjoyed a nice increase of 3.5%.

Although the average days on market actually increased by 5 days, pending sales were up significantly at 13%, which tells us demand for homes is still booming in the Nashville area. 


 

Current Home Values

The median residential price for a single-family was $315,862, and for condos, it was $232,900. This compares to last year’s median residential prices of $305,000 and condo prices of $224,900.

 

Real Estate Closings by Category

20182019
CLOSINGS3,9614,140
Residential3,3013,516
Condominium438413
Multi-Family3032

Quotes From GNAR President

“We continue to see healthy growth in home sales across the region,” said Andrew Terrell, Greater Nashville REALTORS® president. “This ongoing growth is indicative of super-low mortgage rates and the historic economic growth in Middle Tennessee.”

What’s Pending?

There were 3,561 sales pending sales at the end of August. This was an increase from the 3,152 pending sales we observed last year.  The average number of days on the market for a single-family home was 32 days.

Available Inventory

Inventory at the end of August was marginally lower with a reported 11,460 available homes compared to the 12,150 in August 2018.

20182019
INVENTORY12,15011,460
Residential8,6778,177
Condominium984940
Multi-Family9555
Farms/Land/Lots2,3942,288

 

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