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Encouraging January Home Sales Are Great Start to 2019

Posted by Scott Layson on February 13, 2019
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The Greater Nashville REALTORS® has released the latest home sales stats for the Metro Nashville area and it looks like the market is starting to show signs of strength again. There was a reported 2,274 home sale for last month, which was only a decrease of 1% compared to last January’s numbers of 2,298 closing. Nashville had a record-breaking year in 2018, so the fact that we are only off by 1% is a very encouraging sign for 2019. 

Current Prices

The median residential price for a single-family was $293,650, and for condos, it was $200,100. This compares to last year’s median residential and condo prices of $281,500 and $210,098 respectively. 

 

Real Estate Closings by Category

2018

2019

CLOSINGS

2,298

2,274

Residential

1,877

1,888

Condominium

251

247

Multi-Family

13

18

Farms/Land/Lots

157

121

 

Quotes From GNAR President

“January home sales were down slightly from this time last year,” said Greater Nashville REALTORS® President Andrew Terrell. “The government shutdown impacted closings in January to some degree, but overall, 2019 is off to a great start.

“Housing Inventory continues to show a steady and consistent gain which is critical to a strong and healthy market. Median home prices show a fairly consistent gain for residential single-family homes. The average home spent a little extra time on the market in January. Overall this past month’s home sales and our strong local economy build the foundation for a great year,” added Terrell.

 

What’s Pending?

There were 2,853 sales pending sales at the end of January. This was a slight decrease from the 2,951 pending sales we saw the same time last year.  The average number of days on the market for a single-family home was 40 days.

 

Available Inventory

Inventory at the end of January was still on the rise at 11,150 available homes compared to the 8,332 in January 2018. 

2018

2019

INVENTORY

8,332

11,150

Residential

5,565

7,799

Condominium

549

981

Multi-Family

60

118

Farms/Land/Lots

2,158

2,252

 

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